Business
BlackRock TCP Capital Corp. Announces Second Quarter 2020 Financial Results Including Net Investment Income of $0.36 Per Share
SANTA MONICA, Calif.--(BUSINESS WIRE)-- BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (NASDAQ:
About this update from Blackrock Tcp Capital Corp.
[{"type":"text","content":" SANTA MONICA, Calif.--(BUSINESS WIRE)--\nBlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (NASDAQ: TCPC), today announced its financial results for the second quarter ended June 30, 2020 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\nNet investment income for the quarter ended June 30, 2020 was $21.1 million, or $0.36 per share on a diluted basis, compared with the dividend of $0.36 per share paid on June 30, 2020.\n\n\n\n\nNet increase in net assets resulting from operations for the quarter ended June 30, 2020 was $46.4 million, or $0.80 per share.\n\n\n\n\nNet asset value per share at June 30, 2020 was $12.21 compared to $11.76 at March 31, 2020.\n\n\n\n\nTotal acquisitions during the quarter ended June 30, 2020 were $56.0 million and total dispositions were $101.8 million.\n\n\n\n\nOne non-accrual was added during the second quarter. As of June 30, 2020, loans on non-accrual status represented 0.6% of the portfolio at fair value and 1.6% at cost.\n\n\n\n\nDuring the quarter ended June 30, 2020, the Company extended the maturity of its SVCP credit facility from May 6, 2023 to May 6, 2024 and increased the capacity from $270.0 million to $300.0 million. The interest rate on the facility remained unchanged at LIBOR + 2.00%.\n\n\n\n\nOn July 31, 2020, the SVCP credit facility was amended to include a $100 million accordion feature which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.\n\n\n\n\nOn August 4, 2020, the TCPC Funding credit facility was replaced with a new $200 million revolving credit facility maturing August 4, 2025 with Morgan Stanley as administrative agent. The new facility includes a $50 million accordion feature and generally bears interest at LIBOR plus 2.00%, unchanged from the TCPC Funding Facility which also generally bore interest at LIBOR plus 2.00%.\n\n\n\n\nOn August 4, 2020, Brian Wruble retired from the board of directors after serving on the board since 2015. Also on August 4, 2020, Andrea Petro was appointed to the board of directors. Following her appointment, half of the board's independent directors are women.\n\n\n\n\nOn August 4, 2020, our board of directors declared a third quarter dividend of $0.30 p...