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TheStreet Open House

Triangle Capital Corporation Reports Third Quarter 2013 Results

Stocks in this article: TCAP

As of September 30, 2013, the Company had outstanding non-callable, fixed-rate SBA-guaranteed debentures totaling $193.2 million with a weighted average interest rate of 4.07%. The Company has the ability to issue $31.3 million in additional SBA-guaranteed debentures.

Dividend and Distribution Information

On August 28, 2013, Triangle announced that its board of directors had declared a cash dividend of $0.54 per share, representing a 3.8% increase over the dividend the Company paid during the third quarter of 2012. This was the Company's twenty-seventh consecutive quarterly dividend since its initial public offering in February, 2007.  The record date for the dividend was September 11, 2013 and payment date was September 25, 2013.

Recent Portfolio Activity

During the third quarter of 2013, Triangle made five new investments totaling $75.2 million. In addition, Triangle made an equity investment in one existing portfolio company totaling approximately $0.1 million. Also during the third quarter of 2013, the Company received seven repayments totaling approximately $76.5 million and received normal principal repayments and partial loan prepayments totaling approximately $16.4 million. In addition, the Company received proceeds related to the sale of certain equity securities totaling $5.5 million.

New investment transactions during the third quarter of 2013 are summarized as follows:

In July, 2013, the Company made a $15.0 million investment in Applied Consultants, Inc. ("Applied") consisting of subordinated debt and equity. Applied provides inspection services to the oil and gas pipeline infrastructure industry including inspection of pipelines, compressor stations and processing facilities used in midstream oil and gas energy transport.

In July, 2013, the Company made a $10.0 million second lien term loan to Water Pik, Inc. ("Water Pik"). Water Pik is a leading developer, manufacturer and marketer of innovative branded health care products including oral health and replacement showerhead products.

In August, 2013, the Company made a $7.0 million senior debt investment in FrontStream Payments, Inc. ("FrontStream"). FrontStream is a multi-national provider of integrated back-end merchant solutions and front-end payment and donation management products including turnkey solutions that enable clients to increase revenues through point-of-service, mobile, in-person and web acceptance of ACH eChecks and credit/debit cards.

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