Key Developments For Patriot Capital Funding, Inc.
Patriot Capital Funding, Inc. (PCAP.O) (Nasdaq)
Patriot Capital Funding Inc. Modifies Previously Declared Final Dividend And Sets New Record Date
Patriot Capital Funding Inc. announced that its Board of Directors has modified the previously declared final dividend by determining that payment of the final dividend will not be contingent upon the closing of Patriot Capital Funding's merger with Prospect Capital Corporation. In connection with this determination, the Board of Directors also set a new record date of November 6, 2009 for the final dividend. Patriot Capital Funding shareholders of record at the close of business on November 6, 2009 will be paid the final dividend upon the earlier to occur of (i) the date of the consummation of Patriot Capital Funding's merger with Prospect Capital (which is anticipated to be on or around December 2, 2009) or (ii) December 28, 2009. The shares received in connection with the final dividend will be converted into the merger consideration in accordance with the merger agreement with Prospect Capital. The final dividend will be in an amount equal to Patriot Capital Funding's undistributed net ordinary income and capital gains through the date on which the final dividend is paid to Patriot Capital Funding shareholders. It is currently estimated that the amount of the final dividend will be $0.38 per share assuming that the payment date is December 2, 2009. The actual amount of the final dividend may be more or less than the estimated amount and will be determined immediately prior to the date on which the final dividend is paid to Patriot Capital Funding shareholders.
Patriot Capital Funding Inc. Declares Final Dividend
Patriot Capital Funding Inc. announced that its Board of Directors declared a final dividend in an amount equal to all of Patriot Capital Funding`s undistributed net ordinary income and capital gains through the closing date of its proposed merger with Prospect Capital Corporation. It is currently estimated that the amount of the final dividend will be $0.38 per share assuming that the merger closes on November 25, 2009. The actual amount of the final dividend may be more or less than the estimated amount and will be determined immediately prior to the closing of the merger. In accordance with a recent IRS revenue procedure, the dividend will be payable up to 10% in cash and at least 90% in newly issued shares of Patriot Capital Funding`s common stock. Each shareholder will have the right to elect to receive such dividend in cash or common stock through an election form which will be subsequently distributed to shareholders of Patriot Capital Funding, although no more than 10% of the total dividend paid to all shareholders will be paid in cash. The final dividend will be paid immediately prior to the consummation of the merger with Prospect Capital (which is anticipated to be on or around November 25, 2009) to shareholders of record of Patriot Capital Funding at the close of business on November 2, 2009.
Prospect Capital Corporation Agrees to Acquire Patriot Capital Funding Inc. for $197 Million
Prospect Capital Corporation announced that it has entered into a definitive agreement to acquire Patriot Capital Funding Inc. Prospect is acquiring Patriot for $197 million, comprised of (a) cash to repay all Patriot debt, anticipated to be $110.5 million when the acquisition closes, plus (b) Prospect shares exchanged at a ratio of approximately 0.3992 Prospect shares for each Patriot share, or 8,616,467 Prospect shares for 21,584,251 Patriot shares, with such exchange ratio decreased by any tax distributions Patriot may declare before closing. The acquisition, unanimously approved by both of Prospect's and Patriot's Board of Directors, is expected to close in the next 60 days. Patriot's shareholders will own 15% of Prospect's outstanding shares pro forma for the acquisition, so Prospect shareholder approval is not required.
Patriot Capital Funding Inc. Declares Quarterly Dividend
Patriot Capital Funding Inc. announced that the board of directors has declared a cash dividend of $0.25 per share for the fourth quarter of 2008. The dividend is payable as follows: Record date: December 22, 2008, Payment date: January 15, 2009 The board has decided to lower quarterly per share dividend to $0.25 from $0.33.
Patriot Capital Funding Inc. Receives Proceeds Of $13.9 Million From Full Repayment Of Debt And Equity Investment
Patriot Capital Funding Inc. announced that on September 2, 2008, it has received proceeds of $12.9 million in conjunction with the full repayment of its senior secured loan and subordinated debt investment in a provider of clinical research services. Additionally, the Company received $1.0 million in conjunction with the sale of its equity co-investment, which was made alongside the private equity sponsor in the transaction, Celerity Partners.
