Triangle Capital Corporation Receives Commitment From SBA for $19.4 Million in Debentures Taking Total Committed Funds to $150.0 Million

RALEIGH, N.C., July 22, 2009 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (Nasdaq:TCAP) ("Triangle" or the "Company"), a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, today announced that the Small Business Administration ("SBA") recently approved Triangle's application for $19.4 million in additional 10-year, non-callable, guaranteed debentures. This commitment increases Triangle's SBA availability to the maximum of $150.0 million allowed under a single SBIC license.

"This latest SBA commitment, when combined with our existing but undrawn SBA debenture commitment of $15.5 million and cash-on-hand of approximately $36.0 million at June 30, 2009, provides Triangle with more than $70.0 million of available liquidity," stated Garland S. Tucker, III, president and CEO.

In addition, as previously announced, Triangle has initiated the process to apply for a second SBA license. Under the provisions of the American Recovery and Reinvestment Act of 2009, a second license, if approved by the SBA, would allow additional low interest SBA guaranteed debentures of up to $75.0 million.

The weighted average interest rate for all of Triangle's SBA guaranteed debentures as of March 31, 2009 was 6.03%. The Company does not have any maturities due under this program until September, 2014.

About Triangle Capital Corporation

Triangle Capital Corporation (www.TCAP.com) is a specialty finance company organized to provide customized financing solutions to lower middle market companies located throughout the United States. Triangle's investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle's investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events. Triangle typically invests $5.0 - $15.0 million per transaction in companies with annual revenues between $20.0 and $75.0 million and EBITDA between $2.0 and $20.0 million.

Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state laws and regulations. Triangle has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its shareholders.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

CONTACT:  Triangle Capital Corporation
          Sheri B. Colquitt, Vice President, Investor Relations
            919-719-4784
            scolquitt@tcap.com
          Steven C. Lilly, Chief Financial Officer
            919-719-4789
            slilly@tcap.com

Released July 22, 2009