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RALEIGH, N.C., Feb. 12, 2014 (GLOBE NEWSWIRE) --
Triangle Capital Corporation (NYSE:TCAP) ("Triangle" or the "Company"), a leading provider of capital to lower middle market companies, today announced that due to the Company's significant amount of realized long term gains during 2013, its board of directors has declared two special cash distributions to shareholders totaling $0.30 per share. The distributions will consist of two equal payments of $0.15 per share in March and June of 2014. The distributions will be in addition to Triangle's annualized fourth quarter 2013 dividend of $0.54 per share, thereby equating to an annual cash payout of $2.46 per share.
Garland S. Tucker, III, the Company's Chairman and CEO, stated, "We are extremely pleased that our investment portfolio has generated significant long term capital gains and that we are in a position to share those gains with our stockholders through distributions that are in addition to our normal quarterly dividends. These distributions are a direct result of Triangle's successful strategy of investing in high quality companies in the lower middle market."
Triangle's special distributions will be payable as follows:
March 5, 2014
March 26, 2014
Amount Per Share:
May 28, 2014
June 25, 2014
Amount Per Share:
At the time of its IPO in February, 2007, Triangle adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of dividends and distributions on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend or distribution, stockholders who have not opted out of the DRIP will have their cash dividends or distributions automatically reinvested in additional shares of the Company's common stock, rather than receiving cash.