This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

TCP Capital Corp. Announces Third Quarter 2013 Financial Results; Net Investment Income Of $0.40 Per Share; Earnings Of $0.48 Per Share; Regular $0.36 Per Share Dividend; And A Special $0.05 Per Share Dividend

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

  • Net investment income for the quarter ended September 30, 2013 was $10.6 million, or $0.40 per share on a diluted basis, after preferred dividends and net of $0.10 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 $12.9 million, or $0.48 per share.
  • Net Asset Value per share at September 30, 2013 increased to $15.06 per share from $14.94 at June 30, 2013.
  • Total acquisitions during the quarter ended September 30, 2013 were $183.7 million and total acquisitions net of total dispositions were $128.2 million.
  • November 7, 2013, our board of directors declared a fourth quarter regular dividend of $0.36 per share and a special dividend of $0.05 per share. Both dividends are payable on December 31, 2013 to shareholders of record as of December 10, 2013.
  • On September 26, 2013, we priced a follow-on offering of 4,370,000 shares of our common stock at $15.76 per share, which closed on October 1, 2013.
  • On September 10, 2013, we expanded our revolving credit facility with Deutsche Bank from $50 million to $100 million and increased the accordion feature that now allows for expansion of the facility up to $200 million.
  • On September 19, 2013, we extended the maturity date on our Wells Fargo led facility from July 31, 2014 to July 31, 2016. Borrowings under this facility will continue to accrue interest at a rate of LIBOR plus 0.44% through July 31, 2014 and at a rate of LIBOR plus 2.50% after July 31, 2014.

“We are very pleased with our third quarter results,” said TCP Capital Corp.’s Chairman and CEO, Howard Levkowitz. “Our strong earnings enabled us to issue a special dividend and to increase our NAV to $15.06 per share from $14.94 per share. We deployed a record $184 million this quarter into 17 investments. 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.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.73 -0.29%
FB $101.04 1.30%
GOOG $689.05 0.92%
TSLA $151.87 2.60%
YHOO $27.05 0.00%


Chart of I:DJI
DOW 15,968.84 -58.21 -0.36%
S&P 500 1,853.54 +0.10 0.01%
NASDAQ 4,287.2120 +3.4590 0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs