BlackRock Kelso Capital Corporation Declares Regular Quarterly Distribution of $0.21 Per Share, Announces Financial Results for the Quarter and Year Ended December 31, 2014
HIGHLIGHTS: |
Operating Results for the Quarter Ended December 31, 2014: |
Net investment income per share: $0.05 |
Distributions declared per share: $0.21 |
Earnings per share: $0.73 |
Net asset value per share: $10.49 |
Net investment income: $3.5 million |
Net realized and unrealized gains: $51.0 million |
Net increase in net assets from operations: $54.5 million |
Net investment income per share, as adjusted1: $0.26 |
Net investment income, as adjusted1: $19.5 million |
Earnings per share, as adjusted1: $0.95 |
Net increase in net assets from operations, as adjusted1: $70.5 million |
Operating Results for the Year Ended December 31, 2014: |
Net investment income per share: $0.68 |
Distributions declared per share: $0.89 |
Earnings per share: $1.84 |
Net investment income: $50.4 million |
Net realized and unrealized gains: $86.9 million |
Net increase in net assets from operations: $137.2 million |
Net investment income per share, as adjusted1: $0.91 |
Net investment income, as adjusted1: $67.9 million |
Earnings per share, as adjusted1: $2.08 |
Net increase in net assets from operations, as adjusted1: $154.8 million |
Certain transactions completed during the quarter:
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We received early repayment of our
$41.1 million par second lien term loan toAmQuip Crane Rental LLC , earning a prepayment penalty of$1.6 million . We are pleased that our total IRR, or cash on cash return, on this investment was in excess of 15.0%. -
We helped structure a first lien term loan to
Vertellus Specialties Inc. (“Vertellus”), and provided$55.0 million of the$455.0 million unitranche loan, earning a 3.5% capital structuring fee, or$1.9 million . Vertellus is a specialty chemical business operating under two major segments, agriculture and nutrition and specialty materials. -
We completed a transaction with
Gordon Brothers Group whereby we launchedGordon Brothers Finance Company (“GBFC”), a majority owned portfolio company comprised of twenty-three loans at close. We invested approximately$94.6 million , which consisted of$71.0 million of newly issued LIBOR + 11.0% (1.0% Floor) senior notes,$13.0 million of newly issued 13.5% coupon preferred stock, and$10.6 million for 80% common equity ownership of GBFC. We also earned a$3.0 million capital structuring fee in conjunction with this transaction. -
During the quarter,
Advanstar Communications, Inc. (“Advanstar”) was acquired byUBM plc , aU.K. based media company. Total proceeds of$26.2 million on our combined preferred and LLC interests resulted in realized gains of$14.1 million . As anticipated, this further reduced our portfolio’s equity composition while generating additional proceeds to redeploy into income producing assets. As of last quarter end, our combined investments inAdvanstar accounted for over 13% of our total equity investments at fair value. -
On
November 5, 2014 ,BlackRock Advisors, LLC (“BlackRock Advisors”), a wholly owned indirect subsidiary ofBlackRock, Inc. (“BlackRock”), andBlackRock Kelso Capital Advisors LLC (“BKCA”), the advisor to the Company, entered into a definitive agreement forBlackRock Advisors to acquire certain assets of BKCA (the “Transaction”). Our stockholders approved the Transaction onFebruary 18, 2015 .
Recent Developments
-
On
February 18, 2015 , the stockholders approved a new investment advisory agreement between the Company andBlackRock Advisors , including a new management and incentive fee structure. The fee structure will be effective on the second anniversary of the closing of the Transaction. Based on the terms of the definitive agreement,BlackRock Advisors will enter into an investment management agreement with the Company and serve as the Company’s investment manager following the completion of the Transaction. Please refer to the complete proxy statement filed with theSecurities and Exchange Commission onDecember 23, 2014 for additional details.BlackRock has substantial investment and portfolio management experience, which we believe will be beneficial to the Company and our stockholders. As part of theBlackRock platform, we will continue to seek to enhance the risk-return profile of the Company, strengthen its distribution paying capacity and optimize the valuation for our shareholders.
Upon completion of the Transaction,James R. Maher andMichael B. Lazar will be stepping down from their roles with the Company. Mr. Maher, the Company’s Chairman and Chief Executive Officer, will remain on the Board of Directors (the “Board”) and will become a senior advisor toBlackRock to assist in the transition of the business. Mr. Lazar, Chief Operating Officer of the Company, has also agreed to serve as an advisor toBlackRock in transitioning the business, including portfolio responsibility and business operations. Mr. Lazar will step down from the Board at closing.Steven Sterling , Managing Director and head of BlackRock’sGlobal Capital Markets group has been appointed by the Board to serve as Chairman and Chief Executive Officer of the Company, effective the date of closing of the Transaction.
Completion of the Transaction remains subject to customary closing conditions. Financial terms are not disclosed.
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On
February 24, 2015 ,M&M Tradition Holdings Corp. was sold toMiTek Holdings, Inc. , a subsidiary ofBerkshire Hathaway . Our 11.5% common equity ownership generated net proceeds of approximately$14.3 million , inclusive of$0.6 million to be held in escrow. This resulted in a$9.3 million realized gain, and represented a further increase of$2.5 million above our mark for this investment at last quarter end. Inclusive of escrow proceeds, our IRR on this investment is 18.1%.
Portfolio and Investment Activity |
Three months |
Three months |
Year ended |
Year ended |
||||||||||
Gross commitments | $ | 235.6 | $ | 168.8 | $ | 531.7 | $ | 533.7 | ||||||
Exits of commitments | 83.7 | 123.3 | 581.5 | 442.6 | ||||||||||
Number of portfolio company investments |
47 | 51 | ||||||||||||
Weighted average (“WA”) yield of debt and |
11.6 | % | 12.0 | % | ||||||||||
WA yield of senior secured loans, at cost | 11.2 | % | 11.4 | % | ||||||||||
WA yield of other debt securities, at cost | 12.5 | % | 13.0 | % | ||||||||||
Average investment by portfolio company, at |
$ | 29.4 | $ | 26.0 | ||||||||||
-
The composition of our portfolio invested in unsecured or subordinated
debt securities increased 3% to 18% during the quarter, while the
composition of our portfolio invested in senior secured loans and
senior secured notes decreased 2% and 1%, respectively. Our equity
investments climbed 3% to 21% at quarter end. During the year, the
sales of our equity interests in
Arclin Cayman Holdings Ltd. ,Electrical Components International andAdvanstar produced net realized gains of$99.2 million and generated$153.2 million of proceeds to redeploy into income producing assets. Taken in conjunction with$82.5 million of continued net appreciation in our existing investments, as well as a$23.6 million investment in GBFC common and preferred, on a$39.7 million larger portfolio at fair market value as compared to last year end, our equity composition declined a modest 1% from 22%. Our portfolio composition of senior secured loans increased by 9% over the year to 52% at year end, resulting in a 40 basis point decrease in our total portfolio yield for the year. -
During the quarter we invested
$235.6 million , the highest level of commitments made during a quarter in over seven years, driven by the GBFC transaction. Our$1.3 billion dollar portfolio at fair value as ofDecember 31, 2014 , is our largest portfolio since inception, and our average portfolio company investment at amortized cost of$29.4 million as ofDecember 31, 2014 , is also our largest. -
Net unrealized appreciation increased
$37.2 million during the current quarter, bringing total balance sheet unrealized appreciation to$120.3 million . Taken in conjunction with$13.8 million of realized gains during the period, our net realized and unrealized gains of$51.0 million helped to drive our net asset value per share up$0.52 for the quarter to$10.49 per share atDecember 31, 2014 . This was an increase over our$9.54 net asset value per share at this time last year. -
Fee income earned on capital structuring, commitment, administration
and amendments, as well as prepayment penalties during the current
quarter totaled
$9.5 million , or$0.13 per share, more than twice the$0.06 per share of fee income earned last quarter. This brought the 2014 fee income total to$0.28 per share, an$0.08 increase over the$0.20 earned for 2013. The increase over the prior year was largely driven by$10.6 million of capital structuring fees earned, representing a 79% year-over-year increase. Removing fee income, our remaining investment income increased from$28.3 million to $28.5 million during the quarter, and up from$28.2 million during the fourth quarter last year. -
Incentive management fees for the year were
$27.5 million , or$0.37 per share, consisting of$17.5 million of incentive management fees based on gains and$10.0 million of incentive management fees based on income. There was an additional$10.5 million accrual during the quarter for incentive management fees based on gains, driven by a$51.4 million increase in net realized and unrealized gains for the three month measurement period endingDecember 31, 2014 over a net$86.2 million as of last quarter end. A hypothetical liquidation is performed each quarter end resulting in an additional accrual if the amount is positive; however, the resulting fee accrual is not due and payable untilJune 30 , if at all. Furthermore,$10.0 million of incentive management fees based on income were earned and payable for the year, a$0.9 million decrease from those earned last year. Pro-forma incentive management fees earned during the quarter were$4.5 million , had they been accrued ratably throughout the year. -
Our leverage, net of available cash and receivables for investments
sold, stood at 0.55 times at quarter end, providing us with available
debt capacity under our asset coverage requirements of
$325.5 million and$261.0 million available under our senior secured, revolving credit facility. -
As compared to last year, our weighted average cost of debt decreased
28 basis points to 5.22% due to securing more favorable pricing with
the amendment of our revolving credit facility earlier this year.
Average debt outstanding increased from
$359.5 million last year to$410.0 million this year, resulting in a 7.5% increase in total borrowing costs on a year-over-year comparison. -
Our net investment income, as adjusted, was
$0.26 per share, relative to distributions declared of$0.21 per share, resulting in net investment income dividend coverage of 125% for the quarter. Year to date, our net investment income, as adjusted, was$0.91 per share, relative to distributions declared of$0.89 per share. Realized gains during the year provided another$1.30 per share of earnings with no accompanying distribution requirement, resulting in$2.21 per share of combined net investment income and realized gains, for dividend coverage of 249%. We continue to redeploy proceeds from equity sales into income producing assets, and our run rate net investment income, pre-incentive fee, excluding any fee income, was$0.22 per share on a pro-forma basis as of year end. -
Pursuant to our share repurchase plan, we may repurchase up to 5.0% of
our outstanding shares of common stock from time to time in open
market or privately negotiated transactions. During the year ended
December 31, 2014 , we purchased a total of 333,108 shares of our common stock on the open market for$2.8 million , including brokerage commissions. Since inception of the repurchase plan throughDecember 31, 2014 , we have purchased 1,758,615 shares of our common stock on the open market for$12.3 million , including brokerage commissions. 998,035 shares remain authorized for repurchase. -
Tax characteristics of all 2014 distributions were reported to
stockholders on Form 1099 after the end of the calendar year. Our 2014
tax distributions of
$0.94 per share were comprised of ordinary income of$0.68 per share and a$0.26 per share return of capital, bringing our return of capital distributions since inception to$1.96 per share. As part of our strategic tax planning, from time to time we are able to reduce our investment company taxable income by losses taken on ordinary assets, thus minimizing the amount of taxable income to be reported by our shareholders. For more information on our GAAP distributions, please refer to the Section 19 Notice that will be posted within the Distribution History section of our website. - We intend to continue to make timely distributions sufficient to satisfy the annual distribution requirements to maintain our qualification as a RIC. We also intend to make distributions of net realized capital gains, if any, at least annually. We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. We will accrue excise tax on estimated undistributed taxable income as required. There was no undistributed taxable income carried forward from 2014.
Liquidity and Capital Resources
At
Conference Call
Prior to the webcast/teleconference, an investor presentation that
complements the earnings conference call will be posted to
1 Non-GAAP basis financial measure. See Supplemental Information on page 8.
BlackRock Kelso Capital Corporation |
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Consolidated Statements of Assets and Liabilities |
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(Unaudited) |
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December 31, |
December 31, |
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Assets | ||||||||
Investments at fair value: | ||||||||
Non-controlled, non-affiliated investments (cost of $813,962,545 and $854,947,802) |
$ |
832,237,704 |
$ | 881,305,181 | ||||
Non-controlled, affiliated investments (cost of $91,936,084 and $75,514,208) | 211,155,607 | 134,096,291 | ||||||
Controlled investments (cost of $228,402,329 and $154,038,211) | 214,323,427 | 202,570,992 | ||||||
Total investments at fair value (cost of $1,134,300,958 and $1,084,500,221) | 1,257,716,738 | 1,217,972,464 | ||||||
Cash and cash equivalents | 10,326,174 | 18,474,784 | ||||||
Receivable for investments sold | 10,360,202 | 22,756,286 | ||||||
Interest receivable | 13,419,032 | 11,033,061 | ||||||
Prepaid expenses and other assets | 10,233,677 | 11,410,320 | ||||||
Total Assets | $ | 1,302,055,823 | $ | 1,281,646,915 | ||||
Liabilities | ||||||||
Payable for investments purchased | $ | — | $ | 21,000,000 | ||||
Debt | 448,227,689 | 477,981,494 | ||||||
Interest payable | 7,918,429 | 7,896,016 | ||||||
Distributions payable | 15,655,007 | 19,344,682 | ||||||
Base management fees payable | 5,749,219 | 5,803,497 | ||||||
Incentive management fees payable | 37,507,592 | 34,725,204 | ||||||
Accrued administrative services | 241,500 | 270,000 | ||||||
Other accrued expenses and payables | 4,797,219 | 4,921,681 | ||||||
Total Liabilities | 520,096,655 | 571,942,574 | ||||||
Net Assets | ||||||||
Common stock, par value $.001 per share, 200,000,000 common shares
authorized, |
76,306 | 75,828 | ||||||
Paid-in capital in excess of par | 879,959,915 | 894,649,992 | ||||||
Distributions in excess of taxable net investment income | (15,675,925 | ) | (19,373,748 | ) | ||||
Accumulated net realized loss | (190,427,433 | ) | (286,693,363 | ) | ||||
Net unrealized appreciation (depreciation) | 120,310,290 | 130,522,308 | ||||||
Treasury stock at cost, 1,758,615 and 1,425,507 shares held | (12,283,985 | ) | (9,476,676 | ) | ||||
Total Net Assets | 781,959,168 | 709,704,341 | ||||||
Total Liabilities and Net Assets | $ | 1,302,055,823 | $ | 1,281,646,915 | ||||
Net Asset Value Per Share | $ | 10.49 | $ | 9.54 | ||||
BlackRock Kelso Capital Corporation |
Three months |
Three months |
Year ended |
Year ended |
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Investment Income: | ||||||||||||||||
Interest income: | ||||||||||||||||
Non-controlled, non-affiliated investments | $ | 21,469,639 | $ | 23,172,191 |
$ |
92,181,667 |
$ | 96,289,228 | ||||||||
Non-controlled, affiliated investments | 1,656,208 | 1,071,707 | 5,089,397 | 7,030,676 | ||||||||||||
Controlled investments | 4,337,870 | 2,977,830 | 13,293,622 | 10,619,305 | ||||||||||||
Total interest income | 27,463,717 | 27,221,728 | 110,564,686 | 113,939,209 | ||||||||||||
Fee income: | ||||||||||||||||
Non-controlled, non-affiliated investments | 6,459,439 | 4,705,841 | 17,877,746 | 12,284,535 | ||||||||||||
Controlled investments | 2,993,701 | 100,000 | 3,218,701 | 2,738,680 | ||||||||||||
Total fee income | 9,453,140 | 4,805,841 | 21,096,447 | 15,023,215 | ||||||||||||
Dividend income: | ||||||||||||||||
Non-controlled, non-affiliated investments | 115,590 | 435,797 | 224,814 | 1,662,145 | ||||||||||||
Non-controlled, affiliated investments | 591,933 | 514,123 | 2,229,738 | 1,001,264 | ||||||||||||
Controlled investments | 301,914 | — | 301,914 | — | ||||||||||||
Total dividend income | 1,009,437 | 949,920 | 2,756,466 | 2,663,409 | ||||||||||||
Total investment income | 37,926,294 | 32,977,489 | 134,417,599 | 131,625,833 | ||||||||||||
Expenses: | ||||||||||||||||
Incentive management fees |
|
20,483,405 | 14,456,193 | 27,506,031 | 31,148,437 | |||||||||||
Base management fees | 5,749,220 | 5,803,497 | 23,641,231 | 21,629,665 | ||||||||||||
Interest and credit facility fees | 5,574,487 | 5,785,463 | 22,473,774 | 20,913,520 | ||||||||||||
Professional fees | 670,249 | 566,038 | 2,220,665 | 2,213,638 | ||||||||||||
Investment advisor expenses | 484,373 | 546,023 | 2,168,611 | 2,066,737 | ||||||||||||
Amortization of debt issuance costs | 524,765 | 554,008 | 2,113,201 | 1,985,234 | ||||||||||||
Administrative services | 120,750 | 168,214 | 516,717 | 775,643 | ||||||||||||
Director fees | 194,500 | 179,807 | 725,500 | 653,807 | ||||||||||||
Other | 610,817 | 337,764 | 2,680,163 | 2,601,077 | ||||||||||||
Total expenses | 34,412,566 | 28,397,007 | 84,045,893 | 83,987,758 | ||||||||||||
Net Investment Income | 3,513,728 | 4,580,482 | 50,371,706 | 47,638,075 | ||||||||||||
Realized and Unrealized Gain (Loss): | ||||||||||||||||
Net realized gain (loss): | ||||||||||||||||
Non-controlled, non-affiliated investments | 20,650 | (6,327,166 | ) | 34,440,557 | (32,307,657 | ) | ||||||||||
Non-controlled, affiliated investments | 14,086,551 | — | 14,509,924 | 21 | ||||||||||||
Controlled investments | (301,053 | ) | 1,708 | 48,129,867 | (31,888,848 | ) | ||||||||||
Foreign currency | — | — | — | (166,934 | ) | |||||||||||
Net realized gain (loss) | 13,806,148 | (6,325,458 | ) | 97,080,348 | (64,363,418 | ) | ||||||||||
Net change in unrealized appreciation or depreciation on: | ||||||||||||||||
Non-controlled, non-affiliated investments | 11,711,355 | 14,265,302 | (7,556,580 | ) | 35,861,087 | |||||||||||
Non-controlled, affiliated investments | 28,643,947 | 13,193,589 | 60,637,441 | 41,815,585 | ||||||||||||
Controlled investments | (2,916,771 | ) | 5,879,923 | (62,611,684 | ) | 32,568,273 | ||||||||||
Foreign currency translation | (271,462 | ) | (269,314 | ) | (681,195 | ) | (530,799 | ) | ||||||||
Net change in unrealized appreciation or depreciation | 37,167,069 | 33,069,500 | (10,212,018 | ) | 109,714,146 | |||||||||||
Net realized and unrealized gain (loss) | 50,973,217 | 26,744,042 | 86,868,330 | 45,350,728 | ||||||||||||
Net Increase in Net Assets Resulting from Operations | $ | 54,486,945 | $ | 31,324,524 | $ | 137,240,036 | $ | 92,988,803 | ||||||||
Net Investment Income Per Share – basic | $ | 0.05 | $ | 0.06 | $ | 0.68 | $ | 0.64 | ||||||||
Earnings Per Share - basic | $ | 0.73 | $ | 0.42 | $ | 1.84 | $ | 1.25 | ||||||||
Average Shares Outstanding - basic | 74,547,730 | 74,398,692 | 74,539,159 | 74,174,560 | ||||||||||||
Net Investment Income Per Share - diluted | $ | 0.06 | $ | 0.07 | $ | 0.67 | $ | 0.64 | ||||||||
Earnings Per Share - diluted | $ | 0.66 | $ | 0.39 | $ | 1.70 | $ | 1.19 | ||||||||
Average Shares Outstanding - diluted | 84,444,458 | 84,295,419 | 84,435,886 | 82,715,571 | ||||||||||||
Dividends Declared Per Share | $ | 0.21 | $ | 0.26 | $ | 0.89 | $ | 1.04 | ||||||||
The Company reports its financial results on a GAAP basis; however, management believes that evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP basis financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and, for the reasons described below, considers them to be effective indicators, for both management and investors, of the Company’s financial performance over time. The Company’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
The Company records its liability for incentive management fees based on
income as it becomes legally obligated to pay them, based on a
hypothetical liquidation at the end of each reporting period. The
Company’s obligation to pay incentive management fees with respect to
any fiscal quarter is based on a formula that reflects the Company’s
results over a trailing four-fiscal quarter period ending with the
current fiscal quarter. The Company is legally obligated to pay the
amount resulting from the formula less any cash payments of incentive
management fees during the prior three quarters. The formula’s
requirement to reduce the incentive management fee by amounts paid with
respect to such fees in the prior three quarters has caused the
Company’s incentive management fee expense to become, and currently is
expected to be, concentrated in the fourth quarter of each year.
Management believes that reflecting incentive management fees throughout
the year, as the related investment income is earned, is an effective
measure of the Company’s profitability and financial performance that
facilitates comparison of current results with historical results and
with those of the Company’s peers. The Company’s “as adjusted” results
reflect incentive management fees based on the formula the Company
utilizes for each trailing four-fiscal quarter period, with the formula
applied to the current quarter’s incremental earnings and without any
reduction for incentive management fees paid during the prior three
quarters. The resulting amount represents an upper limit of each
quarter’s incremental incentive management fees that the Company may
become legally obligated to pay at the end of the year. Prior year
amounts are estimated in the same manner. These estimates represent
upper limits because, in any calendar year, subsequent quarters’
investment underperformance could reduce the incentive management fees
payable by the Company with respect to prior quarters’ operating
results. Similarly, the Company records its liability for incentive
management fees based on capital gains by performing a hypothetical
liquidation at the end of each reporting period. The accrual of this
hypothetical capital gains incentive management fee is required by GAAP,
but it should be noted that a fee so calculated and accrued is not due
and payable until the end of the measurement period, or every
Computations for the periods below are derived from the Company's financial statements as follows:
Three months |
Three months |
Year ended |
Year ended |
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GAAP Basis: | ||||||||||||
Net Investment Income | $ | 3,513,728 | $ | 4,580,482 | $ | 50,371,706 | $ | 47,638,075 | ||||
Net Investment Income per share | 0.05 | 0.06 | 0.68 | 0.64 | ||||||||
Addback: GAAP incentive management fee expense based on Gains | 10,510,583 | 5,485,073 | 17,533,209 | 20,259,349 | ||||||||
Addback: GAAP incentive management fee expense based on Income | 9,972,822 | 8,971,120 | 9,972,822 | 10,889,088 | ||||||||
Pre-Incentive Fee2: | ||||||||||||
Net Investment Income | $ | 23,997,133 | $ | 19,036,675 | $ | 77,877,737 | $ | 78,786,512 | ||||
Net Investment Income per share | 0.32 | 0.26 | 1.04 | 1.06 | ||||||||
Less: Incremental incentive management fee expense based on Income | 4,505,186 | 2,498,105 | 9,972,822 | 10,889,088 | ||||||||
As Adjusted1: | ||||||||||||
Net Investment Income | $ | 19,491,947 | $ | 16,538,570 | $ | 67,904,915 | $ | 67,897,424 | ||||
Net Investment Income per share | 0.26 | 0.22 | 0.91 | 0.92 | ||||||||
As Adjusted1: Amounts are adjusted to remove the incentive management fee expense based on gains, as required by GAAP, and to include only the incremental incentive management fee expense based on Income. The incremental incentive management fee is based on each trailing four-fiscal quarter period, applied to the current quarter's incremental earnings, and without any reduction for incentive management fees paid during the prior three quarters. Amounts reflect the Company's ongoing operating results and reflect the Company's financial performance over time.
Pre-Incentive Fee2: Amounts are adjusted to remove all incentive management fees. Such fees are calculated but not necessarily due and payable at this time.
About
The Company's investment objective is to generate both current income and capital appreciation through debt and equity investments. The Company invests primarily in middle-market companies in the form of senior and junior secured and unsecured debt securities and loans, each of which may include an equity component, and by making direct preferred, common and other equity investments in such companies.
Additional Information and Where to Find It
In connection with the Transaction, the Company filed relevant materials
with the
Participants in the Solicitation
The Company and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the Company’s
stockholders with respect to the Transaction. Information about the
Company’s directors and executive officers and their ownership of the
Company’s common stock is set forth in the proxy statement on Schedule
14A filed with the
Forward-looking statements
This press release, and other statements that
In addition to factors previously disclosed in BlackRock Kelso Capital’s
BlackRock Kelso Capital’s Annual Report on Form 10-K for the year ended
Available Information
BlackRock Kelso Capital’s filings with the
Source:
BlackRock Kelso Capital Corporation
Investor:
Corinne
Pankovcin, 212-810-5798
or
Press:
Brian Beades,
212-810-5596