Triangle Capital Corporation Announces $7.0 Million Debt Commitment to CRS Reprocessing Services, LLC
RALEIGH, N.C., Dec. 1, 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 a $7.0 subordinated debt investment in CRS Reprocessing Services, LLC ("CRS") as part of a $12.0 million committed debt facility which, under certain circumstances, may be expanded to $16.0 million. Triangle funded $3.0 million at closing. An additional $4.0 million from Triangle is expected to be funded in tranches over the next several months. CRS, headquartered in Louisville, Kentucky, is a global provider of on-site fluid reprocessing services for the solar power and semiconductor industries as well as aluminum cold rolling operations.
"We think CRS is well positioned to benefit from the increasing demand for materials produced by the industries it currently serves," commented Garland S. Tucker, III, President and Chief Executive Officer of the Company.
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 stockholders.
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 email@example.com Steven C. Lilly, Chief Financial Officer 919-719-4789 firstname.lastname@example.org
Released December 1, 2009