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TCP Capital (TCPC)

- NASDAQ
  • Tue, Jan. 6, 2:11 PM
    • These income producers might typically enjoy the big run lower in interest rates (the 10-year yield is all the way down to 1.94%), but it's coming alongside a continued plunge in oil (now all the way down to $47.61).
    • ETFs: BDCL, BDCS, BIZD
    • Individual names: Fifth Street Finance (FSC -2.1%), Ares Capital (ARCC -1%), FS Investment (FSIC -1.6%), Main Street Capital (MAIN -2.6%), PennantPark Investment (PNNT -3.2%), TCP Capital (TCPC -2.9%), KCAP Financial (KCAP -1.6%).
    • Notably higher for a 2nd straight day is OHA Investment (OHAI +1.9%) after SA Pro's Cahaba Research on Monday morning made the case for buying this busted BDC at a greater than 40% discount to book value.
    | 22 Comments
  • Nov. 20, 2014, 4:12 PM
    • The underwriter greenshoe is for another 885K shares. TCPC -0.5% after-hours.
    • Source: Press Release
    | 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
  • Jul. 28, 2014, 4:54 PM
    • The offering size is 5.4M shares with the underwriter greenshoe option at 810K shares. The float will be boosted in the area of 17%.
    • Source: Press Release
    • TCPC -3.5% AH
    | 9 Comments
  • Jun. 26, 2014, 3:48 PM
    | 26 Comments
  • Sep. 26, 2013, 11:23 AM
    • TCP Capital (TCPC -3.8%) slides to $15.64 after pricing a 3.8M share secondary offering at $15.76 each for gross proceeds of about $59.9M.
    • The underwriters will have an option for 30 days to purchase another 15% of common stock sold.
    • Press release.
    | Comment!
  • May. 20, 2013, 4:53 PM
    TCP Capital (TCPC) commences a 4M share public offering, with a 30-day option to purchase up to an additional 15% of the shares to cover overallotments, if any. The offering of the shares will be made under the company's existing shelf registration. The company intends to use the proceeds to repay amounts outstanding under its $116M revolving credit facility. Deutsche Bank, Keefe, Bruyette and Raymond James are acting as joint book-runners. Shares -45 AH.
    | Comment!
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Company Description
TCP Capital Corp is an externally managed, closed-end, non-diversified management investment company. Its investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection.