Key Developments: Solar Capital Ltd (SLRC.O)
24.11USD
22 May 2013
$-0.21 (-0.86%)
$24.32
$24.40
$24.55
$23.94
359,228
342,915
$25.95
$21.02
Latest Key Developments (Source: Significant Developments)
Solar Capital Ltd Declares Quarterly Dividend Of $0.60 per Share For Second Fiscal Quarter 2013
Solar Capital Ltd announced that Board of Directors has declared a second quarter dividend of $0.60 per share payable on July 1, 2013 to stockholders of record on June 20, 2013. Full Article
Solar Capital Ltd Declares Quarterly Dividend of $0.60 Per Share for First Fiscal Quarter 2013
Solar Capital Ltd announced that its Board of Directors has declared a quarterly dividend of $0.60 per share for its first fiscal quarter of 2013, which will be payable on April 2, 2013 to stockholders of record on March 21, 2013. Full Article
Solar Capital Ltd Announces Pricing Of Public Offering Of Common Stock
Solar Capital Ltd announced that it has priced a public offering of 6,000,000 shares of its common stock at a public offering price of $24.40 per share for total gross proceeds of $146.4 million. The closing of the offering is subject to customary closing conditions and is expected to take place on January 11, 2013. In connection with the offering, the Company has granted the underwriters for the offering a 30-day option to purchase up to an additional 900,000 shares of common stock. The Company intends to use the net proceeds from this offering to pay down outstanding indebtedness under its revolving credit facilities, and for general corporate purposes, including working capital requirements. However, through reborrowing under its revolving credit facilities, the Company intends to make investments in debt or equity securities consistent with its investment objective and other general corporate purposes. Full Article
Solar Capital Ltd Commences Public Offering Of Common Stock
Solar Capital Ltd announced that it has commenced a public offering of 6,000,000 shares of its common stock. In connection with the proposed offering, the Company intends to grant the underwriters for the offering a 30-day option to purchase up to an additional 900,000 shares of common stock. The Company intends to use the net proceeds from this offering to pay down outstanding indebtedness under its revolving credit facilities, and for general corporate purposes, including working capital requirements. However, through reborrowing under its revolving credit facilities, the Company intends to make investments in debt or equity securities consistent with its investment objective and other general corporate purposes. Full Article
Solar Capital Ltd Agrees To Acquire Crystal Financial LLC
Solar Capital Ltd announced that it has entered into a definitive agreement, dated December 17, 2012, with SSP Energy Ltd., Quartz Managers LLC and Quantum Strategic Partners Ltd. to acquire Crystal Capital Financial Holdings LLC ("Crystal Financial"), a commercial finance company focused on providing asset-based and other secured financing solutions. Crystal Financial`s management team, including while at prior businesses, has underwritten and closed more than $20 billion of transactions for its clients since 1993. Solar Capital expects to invest approximately $275 million to effect the acquisition. The current management team of Crystal Financial has committed to lead Crystal Financial going forward and will also make a meaningful investment as part of the transaction. Solar Capital expects that its acquisition of Crystal Financial will be immediately accretive to net investment income. Full Article
Solar Capital Ltd Declares Quarterly Dividend Of $0.60 Per Share For Fourth Fiscal Quarter 2012
Solar Capital Ltd announced that its Board of Directors has declared its quarterly dividend of $0.60 per share for its fourth fiscal quarter 2012, which will be payable on January 3, 2013 to stockholders of record on December 20, 2012. Full Article
Solar Capital Ltd Prices Direct Offering of 2,000,000 Shares to an Institutional Investor
Solar Capital Ltd announced that it entered into an agreement to sell 2,000,000 shares of the Company`s common stock at $22.51 per share in a direct registered offering to an institutional investor. The gross proceeds of the offering were approximately $45 million. Full Article
Solar Capital Ltd Increases Credit Capacity To $700 Million
Solar Capital Ltd announced that it has added a new lender which has committed $40 million to its senior secured credit facility (the Facility), consisting of an increase of $15 million of term loan and $25 million of revolving credit. Commitments under the Facility now total $525 million. The Facility matures in July of 2016 and can continue to be expanded under its accordion feature up to $800 million. The new commitment increases the Company’s current credit capacity to $700 million. Full Article
Solar Capital Ltd. Declares Quarterly Dividend Of $0.60 Per Share
Solar Capital Ltd. announced that its Board of Directors has declared a third quarter dividend of $0.60 per share, payable on October 2, 2012 to stockholders of record on September 20, 2012. Full Article
Solar Capital Ltd. Closes New Four-Year $485 Million Credit Facility With Increased Commitments And Lower Pricing
Solar Capital Ltd. announced that it has entered into a new four-year $485 million senior secured credit facility (the Facility). The Facility is comprised of $450 million of revolving credit, which represents a $45 million increase over the prior revolving facility, and a $35 million term loan. The applicable margin on the Facility is 250 basis points over LIBOR, a 75 basis point reduction from the prior facilities. Consistent with the prior facilities, the Facility has no LIBOR floor requirement. The Facility matures in July, 2016 and includes a ratable amortization in the fourth year. The Facility contains an accordion feature whereby it can be expanded to $800 million. The Facility includes customary covenants, including minimum asset coverage and minimum equity requirements, as well as customary events of default. With the inclusion of the $485 million Facility, Solar Capital’s total borrowing capacity totals $660 million. Citibank N.A. acted as Administrative Agent, JPMorgan Chase Bank, N.A. acted as Syndication Agent, and SunTrust Bank acted as Documentation Agent. Full Article
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