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MCGC Reports EPS $0.63/share vs. $0.43 in Q2-06 PRNewswire 7-31 MCG Capital Corporation reported Q2-07 net operating income was $28.5 million [$0.47/share] compared to $18.9 million [$0.35/share] in Q2-06. Distributable net operating income in Q2-07 was $30.5 million [$0.51/share] compared to $19.6 million [$0.37/share] in Q2-06. Net asset value per share at the end of Q2-07 was $13.23 compared to $12.83 at the end of Q2-06. ACAS Recognizes $51 Million Gain from EAG IPO PRNewswire 7-09 ACAS announced the exit of its investment in its portfolio company EAG Acquisition LLC and its operating subsidiary Evans Analytical Group LLC through an initial public offering of ordinary shares by a newly formed holding company, EAG Limited. American Capital sold its shares in the offering and the EAG's shares have been admitted to the Official List of the U.K. Financial Services Authority and are traded on the London Stock Exchange's Alternative Investment Market for listed securities under the symbol EAG. ACAS realized a gain in the second quarter of 2007 of $51 million on its exit of EAG and recognized total proceeds of $158 million upon the exit, earning an 80% compounded annual rate of return on its investment, including interest, dividends and fees earned over the life of American Capital's investment. Together with its affiliate American Capital Equity I, LLC ("ACE I"), the combined American Capital group realized an inception-to- date realized aggregate gain of $72 million from the exit, earning an aggregate 96% compounded annual rate of return on their investments, including interest, dividends and fees earned over the life of their investments. Together, American Capital and ACE I realized approximately 11 times their original equity investment in EAG with an aggregate equity IRR of 315%. The proceeds received by American Capital were greater than its first quarter 2007 valuation of the investment by $25 million, or 21%. As part of the transaction, American Capital has committed to a new $50 million revolving credit facility in EAG. TICC Announces Secondary Offering MarketWire 7-09 Technology Investment Capital Corp. announced that it plans to commence a public offering of approximately 1,250,000 shares of its common stock. TICC expects to use the net proceeds received by it in this offering to repay indebtedness owed under the Company's current revolving credit facility, which will create additional capacity under the Company's credit facility to originate loans and make investments in portfolio companies in accordance with the Company's investment objective. American Capital to join S&P 500 BizJournals 7-03 Standard & Poor's said that Bethesda-based American Capital will join the S&P 500 after the close of trading on July 6. ACAS will replace Dollar General, which is being acquired by investment funds affiliated with Kohlberg Kravis Roberts & Co. LP. To be included on the S&P 500, a company must have a market capitalization of more than $4 billion. PSEC Provides Financing to H&M and RMC MarketWire 7-05 & MarketWire 7-13 Prospect Capital Corporation announced that on June 29, 2007, Prospect committed to provide, and subsequently funded, growth financing of approximately $45.0 million to H&M Oil & Gas, LLC of in Dallas, Texas. Established in 2002 through the merger of H&M Partners LLC and MJM Oil & Gas, H&M is an oil and gas production and development company focused on Texas. H&M has approximately 8,000 acres under lease in the Spraberry and Wolfcamp trend in Martin County in West Texas. H&M is led by William Jackson, who has more than three decades of experience as a general manager and petroleum engineer in the oil and gas industry. H&M is utilizing Prospect's financing for the drilling and completion of new wells, as well as the refinancing of existing indebtedness. Prospect's investment is in the form of a senior secured debt instrument with a first lien on all assets of H&M, including receivables, wells, leases, and other infrastructure. Prospect has received a net profit interest in H&M as part of its investment. Analyst Jim Bellessa of D.A.Davidson noted that this was the largest loan made by Prospect in its' three year history. Bellessa estimates the new loan will generate an interest rate of about 15% to PSEC. On 7-13 PSEC announced that it committed to provide, and subsequently funded, debt financing of $25.0 million to Regional Management Corp. ("RMC"), located in Greenville, South Carolina. RMC is one of the leading consumer finance installment loan companies in the United States. The company offers a variety of credit products to individuals with limited access to traditional sources of consumer credit [code words for sub-prime loans]. RMC, which has been growing rapidly in the Southeast across multiple economic cycles, operates approximately 90 branch offices in South Carolina, Texas, North Carolina and Tennessee. Typical loan sizes are less than $5,000 per customer. Palladium Equity Partners a private equity firm based in New York, and Parallel Investment Partners, a private equity firm based in Dallas, co-sponsored the recapitalization [code word for 'went bankrupt'?] of RMC in March 2007 in partnership with management. On 7-02 Piper Jaffray Initiated coverage of HTGC at Outperform. On 7-10 KED declared its quarterly dividend of $0.40 per share for the period March 1, 2007 to May 31, 2007. This dividend of $0.40 per share represents an increase of 25.0% from the prior quarter's dividend. The dividend will be payable on July 26, 2007 to shareholders of record on July 20, 2007, with an ex-dividend date of July 18, 2007. On 7-30 ALD declared a dividend of $0.65/share payable 9-26-07 to shareholders of record on 9-14-07. In addition, Allied Capital announced that it has declared a fourth quarter dividend of $0.65/share payable 12-26-07 to shareholders of record on 12-14-07. On 7-31 MCGC declared a dividend of $0.44/share payable 10-30-07 to shareholders of record on 8-23-07. On 6-14 PSEC declared a quarterly dividend of $0.39/share [no change from prior quarter] payable on June 29, 2007, to shareholders of record as of June 22, 2007. The ex-dividend date is June 20, 2007. On 6-14 NGPC declared a quarterly dividend to shareholders in the amount of $0.31/share payable on July 13, 2007 to shareholders of record on June 29, 2007. The ex-dividend date is June 27, 2007. On 6-08 AINV declared its first fiscal quarter 2008 dividend of $0.51 per share, payable on June 28, 2007 to shareholders of record as of June 21, 2007. The ex-dividend date is June 19, 2007. On 6-05 CSE declared a regular quarterly dividend of $0.60 per share. This dividend represents a 3.4% increase from the regular quarterly dividend paid during the previous quarter. The dividend is payable on June 29, 2007 to holders of record on June 15, 2007. On 6-12 ACAS announced it plans to make a public offering of 17 million shares of its common stock. On 6-07 Ferris Baker Watts Initiated coverage of MIC at Buy. On 6-21 Ferris Baker Watts downgraded GOOD. NOTE #1: This page is ment to be a supplement for those already getting monthly sector updates from another source. Data entry errors sporadically happen. There are other metrics not covered here that should not be ignored. |