Full Circle CapitalNASDAQ
Controversial Transaction May Unlock Value At Full Circle Capital
Afanti Arbitrage • 26 Comments
Afanti Arbitrage • 26 Comments
Wed, Sep. 28, 5:33 PM
Mon, Sep. 12, 10:04 AM
- The sector has been a big beneficiary of the rates lower-for-longer thesis, the bounce in oil and the related major move higher in high-yield.
- All three of those themes have been called into question since Labor Day. SA author BDC Buzz reminds not all BDCs are created equal, and says the higher risk ones will likely be underperformers in a correction ... Think Prospect Capital (PSEC -4%), TICC Capital (TICC -1%) and KCAP Financial (KCAP -2.7%). Fifth Street Finance (FSC -2%), Medley Capital (MCC -2.6%) and Full Circle Capital (FULL -0.4%) also fit the bill, and PennantPark (PNNT -1.5%), Gladstone (GLAD -3.4%), and Apollo Investment (AINV -1.2%) have the highest amount of oil exposure.
- Those BDCs with "true" first-lien assets and stable NAV will be the outperformers: New Mountain Finance (NMFC -1.8%), Solar Senior (SUNS -0.1%), Goldman Sachs BDC (GSBD -0.7%), Golub Capital (GBDC -0.5%), FS Investment (FSIC -1.7%), Monroe Capital (MRCC -0.1%), TPG (TSLX -0.6%), Main Street (MAIN -0.1%), PennatPark Floating Rate (PFLT -0.1%), Hercules (HTGC -1.4%), Horizon (HRZN -1.8%), and TCP Capital (TCPC -0.7%) are worth a look.
- ETFs: BDCL, BDCS, BIZD, FGB, LBDC
Fri, Jun. 24, 8:00 AM
- The merger with Great Elm Capital will more than double AUM, and the company will be renamed Great Elm Capital Corp., with plans to trade on the Nasdaq under the symbol GECC.
- Full Circle (NASDAQ:FULL) for purposed of the merger will be valued at 100% of its roughly $81M NAV. Following the close, a special cash dividend of $0.22 ($5M total) will be declared.
- The annualized distribution rate following the merger should be about 9% of NAV. A $15M buyback plan will be started afer closing. The management fee will be 1.5% vs. the 1.75% currently paid by Full Circle.
- A conference call is set for 8 ET.
Fri, May 13, 4:19 PM
Tue, Feb. 16, 5:04 PM
- Alongside FQ2 results - NII of $0.11 per share vs. $0.19 one year ago - the Full Circle Capital (NASDAQ:FULL) board has formed a special committee to consider strategic alternatives.
- The company notes it's been a tough stretch for BDCs and it doesn't expect conditions to ease anytime soon. With the stock trading at a big discount to NAV, management doesn't have the ability to raise the capital with which it could expand operations, so it may be time to close up shop.
- Conference call tomorrow at 8:30 ET.
- Previously: Full Circle Capital NII in-line, beats on total investment income (Feb. 16)
- Shares +1.3% after hours.
Tue, Feb. 16, 4:35 PM
- Full Circle Capital (NASDAQ:FULL): Q4 NII of $0.11 in-line.
- Total investment income of $4.83M (-1.6% Y/Y) beats by $0.16M.
Nov. 9, 2015, 4:32 PM
- Full Circle Capital (NASDAQ:FULL): FQ1 NII of $0.11 in-line.
- Total investment income of $4.74M (+15.9% Y/Y) misses by $0.47M.
Oct. 15, 2015, 4:12 PM
- FQ1 portfolio investments totaled about $10M, representing two new investments, and one additional purchase of a note by an existing portfolio company. Additionally, FULL received proceeds from full and partial realizations of $13M.
- In August, the board authorized the addition of another 1M shares to its buyback program, bringing the total to 2M. In the quarter ended Sept. 30, Full Circle repurchased 472K shares at a weighted-average price of $3.19 each.
- The stock closed today at $3.15.
Sep. 14, 2015, 4:03 PM
- Full Circle Capital (NASDAQ:FULL): FQ4 NII of $0.11 in-line.
- Total investment income of $4.44M (+29.8% Y/Y) beats by $0.02M.
Sep. 13, 2015, 5:35 PM
Aug. 5, 2015, 2:13 PM
- Full Circle Capital (NASDAQ:FULL) declares $0.035/share monthly dividend, in line with previous.
- Forward yield 12.65%
- Payable Oct. 30; for shareholders of record Nov. 13; ex-div Nov. 11.
- Payable Nov. 30; for shareholders of record Dec. 15; ex-div Dec. 11
- Payable Dec. 31; for shareholders of record Jan. 15; ex-div Jan. 13
Jul. 15, 2015, 9:25 AM
- For FQ4 (ended June 30), Full Circle (NASDAQ:FULL) completed investments of about $25.8M in six new portfolio companies.
- Subsequent to quarter's end, a senior secured facility and revolver with Butler Bergen Group was fully repaid at par plus accrued interest and fees for total proceeds of $8.6M.
- Management "remains confident" in the current distribution policy, particularly in light of the fee waiver by the company's advisors'.
Jun. 4, 2015, 4:05 PM
May 11, 2015, 4:29 PM
- FQ3 net investment income of $2M or $0.17 per share vs. $1.4M and $0.15 one year ago. NII of $2.4M and $0.19 in FQ2. Distributions at a $0.12 quarterly rate.
- Net asset value per share of $4.43 slips from $5.48 after rights offering during quarter. Capital from offering began being deployed in FQ4 with $13.7M in new investments.
- Originated $2M of investments during quarter. Repayments and realizations of $6.4M.
- Investment adviser agrees to waive base management and incentive fees as much as needed to continue with $0.04 monthly distribution through the end of 2016.
- Conference call at 4:30 ET
- Previously: Full Circle Capital beats by $0.02, misses on revenue (May 11)
- FULL flat after hours
May 11, 2015, 4:18 PM
- Full Circle Capital (NASDAQ:FULL): FQ3 NII of $0.17 beats by $0.02.
- Total investment income of $4.3M (+34.8% Y/Y) misses by $0.32M.
Mar. 31, 2015, 11:01 AM
- Full Circle (FULL) received subscriptions for about 94% of the shares offered, 17% of which came from management and company advisors.
- Additionally, one institutional investor commits to buying 214K shares in the open market over the seven-day period following the expiration date of the offering.
- The rights offering and additional commitments will result in the issuance of no more than 11.42M shares of company stock. Estimated gross proceeds should be about $39M (subscription price was $3.50 per share).