Business
Crescent Capital BDC, Inc. Reports Fourth Quarter and Full Year 2019 Financial Results and Declares Regular Dividend for First Quarter 2020
LOS ANGELES, March 05, 2020 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or “Company” which may also be referred to as “we,” “us” or “our”)
About this update from Crescent Capital Bdc, Inc.
[{"type":"text","content":"LOS ANGELES, March 05, 2020 (GLOBE NEWSWIRE) -- Crescent Capital BDC, Inc. (“Crescent BDC” or “Company” which may also be referred to as “we,” “us” or “our”) (NASDAQ: CCAP) today reported results for the fourth quarter and full year ended December 31, 2019. For the fourth quarter, net investment income was $8.3 million, or $0.41 per share, and the net increase in net assets was $9.2 million, or $0.45 per share. For the year, net investment income was $31.7 million, or $1.83 per share. Reported net asset value per share was $19.50 at December 31, 20191 as compared to $19.48 at September 30, 2019.\n Declaration of Regular Dividend for First Quarter 2020 The Company’s Board of Directors (the “Board”) has declared a regular cash dividend for the first quarter 2020 of $0.41 per share, which will be paid on or about April 15, 2020 to stockholders of record as of the close of business on March 31, 2020. Acquisition of Alcentra Capital Corporation On January 31, 2020, the Company completed its previously announced acquisition of Alcentra Capital Corporation (“Alcentra Capital”) (formerly NASDAQ: ABDC). With the closing of the merger, Crescent BDC began trading on the NASDAQ under the ticker symbol “CCAP” on February 3, 2020. Stock Repurchase Program On March 2, 2020, the Company’s previously authorized stock repurchase program commenced and will be in effect through January 31, 2021, unless extended, or until the aggregate approved repurchase amount has been expended. Crescent BDC may repurchase up to $20 million in the aggregate of its outstanding common stock in the open market at any time the shares are traded below 90% of Crescent BDC’s most recently disclosed combined net asset value. Proposed Reduced Asset Coverage On March 3, 2020, the Company’s Board recommended that stockholders approve a proposal to reduce the Company’s required minimum asset coverage ratio applicable to business development companies under the Investment Company Act of 1940, as amended (the “1940 Act”) from 200% to 150%. The Company expects to hold its Annual Meeting in May 2020, at which time stockholders will vote, amongst other items, on this proposal. In addition, the Board unanimously approved the application of the modified asset coverage requirements to be effective one year after such Board approval and as a result, the Company’s asset coverage requir...