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TCP Capital Corp. Announces Second Quarter 2013 Financial Results; Net Investment Income Of $0.38 Per Share; And Earnings Of $0.40 Per Share

Stocks in this article: TCPC

TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (“BDC”) (NASDAQ: TCPC), today announced its financial results for the second quarter ended June 30, 2013 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

FINANCIAL HIGHLIGHTS

  • Net investment income for the quarter ended June 30, 2013 was $8.9 million, or $0.38 per share on a diluted basis, after preferred dividends and net of $0.09 per share in incentive compensation on net investment income.
  • Net increase in net assets resulting from operations for the quarter ended June 30, 2013 was $9.4 million, or $0.40 per share.
  • Total acquisitions during the quarter ended June 30, 2013 were $130.6 million and total acquisitions net of total dispositions were $60.6 million.
  • On August 8, 2013, our board of directors declared a third quarter dividend of $0.36 per share payable on September 30, 2013 to shareholders of record as of September 9, 2013.
  • On May 24, we closed a follow-on offering of 5,175,000 shares of our common stock at $15.63 per share.
  • On May 17, we closed a new $50 million revolving credit facility with Deutsche Bank, which has an accordion feature that allows for expansion of the facility up to $100 million.

“We are pleased with our second quarter results,” said TCP Capital Corp.’s Chairman and CEO, Howard Levkowitz. “Our strong earnings this quarter were almost entirely from recurring income. This quarter we also significantly expanded our financing flexibility and we deployed $131 million this quarter into 13 investments, the highest level since our IPO. We continue to see a robust pipeline of deal flow across a variety of industries. As we continue to grow our portfolio, we will take a highly selective approach to choosing investments with a focus on delivering strong risk adjusted returns to our shareholders.”

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