MCG authorizes new buyback program

|About: MCG Capital (MCGC)|By:, SA News Editor

Net asset value of $5.10 per share vs. $5.18 at the start of the year, and last night's close of $5.24.

$60.9M of debt portfolio monetized and company expects another $20M-$40M for the remainder of the year. Full year monetizations should be $190M-$210M, about double the amount anticipated at the start of the year. Over the next year, another $90M-$120M of monetizations are expected.

At the same time, company "took active steps" during quarter to shift resource to asset management operations, including hiring of origination staff.

NOI per quarter should range from $0.08-$0.10 over the next 2-3 fiscal quarters before increasing to $0.11-$0.13 as capital is fully deployed. Quarterly dividend of $0.125 per share is expected to be maintained during this time.

Board authorizes a $25M share repurchase program. For the nine months ended Sept. 30, about 500K shares were bought back at average price of $4.50 per share.

Conference call at 9 ET.

MCGC no trades premarket.