EX-99.1
Published on May 11, 2011
EXHIBIT 99.1
3700 Glenwood Ave., Ste. 530 Raleigh, NC 27612 |
TRIANGLE CAPITAL CORPORATION ANNOUNCES $50.0 MILLION SENIOR CREDIT FACILITY
RALEIGH, NC May 10, 2011, Triangle Capital Corporation (NYSE: 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 it has closed a three-year senior secured credit
facility (Credit Facility) with an initial commitment of $50.0 million. The Credit
Facility was arranged by BB&T Capital Markets and Fifth Third Bank. The Credit
Facility has an accordion feature which allows for an increase in the total loan
size up to $90.0 million and also contains two one-year extension options bringing
the total potential commitment and funding period to five years from closing.
Borrowings under the Credit Facility will be at an interest rate of LIBOR plus
2.95%.
Our new Credit Facility provides us with significant flexibility to continue to
fund attractive investments at our parent company level. Our partners at BB&T and
Fifth Third have been very supportive during the structuring and underwriting
process and we look forward to continuing to work closely with them, commented
Steven C. Lilly, Chief Financial Officer.
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. Triangles investment objective is to seek attractive
returns by generating current income from debt investments and capital appreciation
from equity related investments. Triangles 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 million $15.0 million per transaction in companies
with annual revenues between $20.0 million and $100.0 million and EBITDA between
$3.0 million 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 NYSE,
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.
Forward Looking Statements
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 Companys 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 and some of these
uncertainties are enumerated in Triangles filings with the Securities and Exchange
Commission. Certain factors that could cause actual results to differ materially
from those contained in the forward-looking statements are included in our annual
reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form
8-K, each as filed with the Securities and Exchange Commission. Copies are available
on the SECs website at www.sec.gov. 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.
Contacts
Sheri Blair Colquitt
Vice President, Investor Relations
919-719-4784
scolquitt@tcap.com
Vice President, Investor Relations
919-719-4784
scolquitt@tcap.com
Steven C. Lilly
Chief Financial Officer
919-719-4789
slilly@tcap.com
Chief Financial Officer
919-719-4789
slilly@tcap.com
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