Seeking Alpha
 

Triangle Capital (TCAP)

- NYSE
  • Oct. 14, 2014, 4:06 PM
    • Merlin RAMCo provides specialty staffing services to military and civilian offices to support manned and unmanned aircraft. Triangle's (TCAP -1.2%) investment consists of unitranche debt and equity.
    • Source: Press Release
    | 1 Comment
  • Oct. 10, 2014, 4:24 PM
    • "The sector's drawdown is 50% of what occurred in the 2011 euro-crisis without anything like the accompanying conditions," writes a bullish BDC Reporter, noting the sector is lower by about 14% since its February high, and stalwart Ares Capital (ARCC -3.1%) is trading at a discount to book value for the first time in years.
    • Another example is TCP Capital (TCPC -2.5%), down about 15% from a high hit three months ago. The company has paid out a steadily-increasing dividend since going public, current and future earnings are in excess of the payout, the balance sheet was recently strengthened with medium-term debt capital, the average cost of debt is 2.63%. and its investments yield 9.2%. What's not to like?
    • If the current benign business and credit cycle is indeed over, then BDCs have further to fall. If, as BDC Reporter believes, low rates are here to stay for awhile (and even if rates rise the BDC sector should prosper), BDCs are reaching bargain levels.
    • ETFs: BDCL, BDCS, BIZD
    • Today's action: Prospect Capital (PSEC -2.9%), Fifth Street Finance (FSC -3.5%), FS Investment (FSIC -3%), Apollo Investment (AINV -2.1%), Triangle Capital (TCAP -1.6%), THL Credit (TCRD -2%), OHA Investment (OHAI -4.2%).
    | 46 Comments
  • Oct. 2, 2014, 4:23 PM
    • The Small Business Administration set an interest rate of 3.015% on Triangle Capital's (NYSE:TCAP) recently-issued $31.3M of SBA-guaranteed notes. There's also a weighted-average annual fee of 0.775%, bringing the total average interest rate to 3.79%.
    • The new paper replaces notes Triangle pre-paid in 2012 and 2013 which carried a weighted-average weight of 6.455%. Triangle currently has $225M in SBA-guaranteed notes outstanding with a weighted-average interest rate of 4.026%.
    • Source: Press Release
    | 2 Comments
  • Sep. 22, 2014, 2:55 PM
    • As income favorites, business development companies often catch a bid during broader market selloffs (and bond market rallies), but the small caps (IWM -1.3%) are bearing the brunt of today's selling and the BDCs tend to fall into the that sector (though excluded from Russell indices).
    • Fifth Street Finance (FSC -1.1%) has a market cap of $1.3B; Main Street Capital (MAIN -2.6%) - market cap of $1.4B; Apollo Investment (AINV -2%) - $2B; Triangle Capital (TCAP -1.3%) - $730M; Ares Capital (ARCC -0.4%) - $5.1B. Hanging in there better than the rest is Prospect Capital (PSEC -0.1%), with a $3.45B market cap.
    • ETFs: BDCL, BDCS, BIZD
    | 7 Comments
  • Sep. 16, 2014, 7:26 AM
    • Terms are undisclosed, but Triangle Capital (NYSE:TCAP) has made a subordinated debt and equity investment in Cook & Boardman - a specialty distributor of commercial metal and wood doors, and related products.
    • Press release
    | 1 Comment
  • Sep. 11, 2014, 8:09 AM
    • Noting the company's strong credit quality and low cost structure, analyst Jonathan Brock upgrades to Outperform from Market Perform, with price target range boosted to $28.50-$29.50 from $26.50-$28.
    • TCAP +0.75% premarket
    | Comment!
  • Sep. 8, 2014, 4:20 PM
    • Triangle's (NYSE:TCAP) investment in Tate's Bake Shop consists of subordinated debt and equity. Tate's is a premium, consumer-branded producer of gourmet cookies and other baked goods marketed throughout the country.
    • Source: Press Release
    | Comment!
  • Aug. 27, 2014, 11:08 AM
    • Triangle Capital (NYSE:TCAP) declares $0.59/share quarterly dividend, 9.26% increase from prior dividend of $0.54.
    • Forward yield 8.71%.
    • Payable Sept. 24; for shareholders of record Sept. 10; ex-div Sept. 8.
    | Comment!
  • Aug. 27, 2014, 8:45 AM
    • Alongside its quarterly $0.54 per share dividend, Triangle Capital (NYSE:TCAP) will pay an extra $0.05 per share, bringing the total Q3 payout to $0.59 - $2.36 on an annualized basis for a yield of 8.7% based on last night's close.
    • The record date is September 10 and payment date is September 24.
    • Source: Press Release
    | 6 Comments
  • Aug. 20, 2014, 4:22 PM
    • TCAP's $14M debt investment in finance and accounting staffing firm DLC, Inc. is in support of the company's acquisition and growth initiatives.
    • Source: Press Release
    | Comment!
  • Aug. 12, 2014, 9:26 AM
    • The company sold 4.3M shares vs. the originally planned 4M. The shares were sold at $26.85 each and net proceeds are expected to be about $111M.
    • Source: Press Release
    • TCAP -3.6% to $26.65.
    | Comment!
  • Aug. 11, 2014, 5:38 PM
    | Comment!
  • Aug. 11, 2014, 4:26 PM
    • In addition to the 4M share offering, underwriters will be granted a greenshoe option for another 600K shares.
    • Source: Press Release
    • TCAP -3.4% AH
    • The company last week reported NAV per share of $21.03 as of June 30 vs. today's close of $27.64.
    | Comment!
  • Aug. 7, 2014, 3:17 PM
    • "We have found that our patience has been rewarded," says Triangle Capital (TCAP +2.7%) CFO Steven Lilly on the earnings call (transcript).
    • Triangle chose not to play in 2013's frothy conditions, leading to a decline in the investment portfolio (but realized gains on sales). 2014 has shifted back to healthier activity though, he says, and the company has taken advantage of good opportunities at attractive prices.
    • The management team, he adds, is becoming increasingly convinced 2014 could end up being one of the company's most active years in terms of new investments.
    • Raymond James upgrades the stock to Outperform with $30 price target following the quarter.
    • Previously: Triangle Capital expects to boost distribution by nearly 10%
    | 1 Comment
  • Aug. 6, 2014, 5:11 PM
    • Q2 net investment income of $14.7M or $0.53 per share vs. $16.3M and $0.59 one year ago. Dividend is $0.54.
    • Net increase in net assets from operations of $24.2M vs. $21.8M a year ago.
    • Net asset value per share of $15.95 down from $16.10 at start of year.
    • Company expect to increase annualized distribution to $2.36 per share from current $2.16 thanks to $11.7M in significant net realized gains ($11.7M in Q2). These additional distributions are expected to continue for at least the next three years.
    • Previously: Triangle Capital beats by $0.01, beats on revenue
    • TCAP +0.1% AH
    | 1 Comment
  • Aug. 6, 2014, 4:04 PM
    • Triangle Capital (NYSE:TCAP): Q2 EPS of $0.53 beats by $0.01.
    • Revenue of $24.9M (-8.7% Y/Y) beats by $0.11M.
    • Press Release
    | 4 Comments
TCAP vs. ETF Alternatives
Company Description
Triangle Capital Corporation is a speciality finance company. The Company provides customized financing solutions to lower middle market companies located in United States.
Sector: Financial
Country: United States