Full Circle Capital Corporation (Nasdaq:FULL) (the “Company”) today announced its financial results for the fourth quarter and full year of fiscal 2013 ended June 30, 2013.
Financial Highlights for the Fourth Quarter of Fiscal 2013
- Net asset value of $8.01 per share at June 30, 2013.
- Total investment income was $3.3 million, an increase of 17.1% compared to $2.8 million for the three months ended March 31, 2013.
- Net investment income was $1.4 million, or $0.180 per share, compared to $1.3 million, or $0.173 per share, for the three months ended March 31, 2013.
- Net realized and unrealized gains were $0.5 million, or $0.06 per share. Combined with net investment income, this resulted in a net increase in net assets from operations of $1.9 million, or $0.24 per share. This is an increase of 25.2% compared to a net increase in net assets from operations of $1.5 million, or $0.20 per share, for the three months ended March 31, 2013.
- Monthly distributions of $0.077 per share were paid on May 15, 2013, June 14, 2013 and July 15, 2013, totaling $0.231 per share for the quarter.
- Total portfolio investments at June 30, 2013 were $88.2 million, a 22.0% increase compared to portfolio investments of $72.3 million at June 30, 2012 and nearly even with portfolio investments of $88.1 million at March 31, 2013.
- Weighted average portfolio interest rate was 12.90% at June 30, 2013 compared to 12.69% at March 31, 2013.
- New originations and expansion of facilities to existing borrowers totaled $3.5 million. Realizations were $3.1 million reflecting the full payoff of one existing loan facility to Matt Martin Real Estate Management, LLC at par plus accrued interest and fees.
- At June 30, 2013, 89% of portfolio company investments, based on fair value, were first lien senior secured loans.
Strategic Highlights for the Fourth Quarter of Fiscal 2013
- On June 3, 2013 Full Circle Capital closed a new three-year, $32.5 million revolving credit facility with Sovereign Bank, N.A. Borrowings under the facility bear interest based on a tiered rate structure, depending upon utilization, ranging from LIBOR plus 3.25% to 4.00% per annum, or from Sovereign’s prime rate plus 1.25% to 2.00% per annum, based on Full Circle’s election at the time of borrowing. This represents a significant improvement in the cost of debt capital from Full Circle’s prior revolving credit facility, which bore interest at LIBOR plus 5.50% per annum.
- On June 28, 2013 Full Circle Capital issued $18.75 million ($21.1 million including the subsequent exercise of the overallotment option) of seven-year, 8.25% Notes that will mature on June 30, 2020. The Notes can be called any time after June 30, 2016 and pay interest quarterly beginning September 30, 2013.
DistributionsOn September 9, 2013, the Board of Directors declared monthly distributions for the second quarter of fiscal 2014 as follows:
|Record Date||Payment Date||Per Share Amount|
|October 31, 2013||November 15, 2013||$0.077|
|November 29, 2013||December 13, 2013||$0.077|
|December 31, 2013||January 15, 2014||$0.077|