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Stock Market & Financial Investment News

News Breaks
March 5, 2013
08:41 EDTMCGCMCG Capital provided FY13 outlook
Company said: "Assuming continued stability in the market, actionable opportunities that meet our underwriting standards, portfolio granularity requirements and no material repayments beyond scheduled maturities, we anticipate that we will substantially deploy our cash on-hand in 2013. We intend to make our investments through our SBICs, Solutions Capital and, if a license is granted by the United States Small Business Administration, or SBA, Solutions Capital II, L.P., a corner-stone of our funding strategy. As of December 31, 2012, our investment in Solutions Capital includes approximately $48M of cash, $188 of investments at fair value, $150M of debt and $86M of equity. In September 2012, we submitted documentation to the SBA in support of a potential SBIC license for Solutions Capital II. In February 2013, we received a letter from the SBA inviting us to file a formal license application, which we are in the process of preparing for submission. There is no assurance that the SBA will grant the additional license in any specified time period or at all. Currently, a second SBIC license would grant us the ability to borrow up to an additional $75 million from the SBA, or two times the amount of statutory equity capital we invest in Solutions Capital II, L.P. If approved and based on available capital, we intend to fund the entire $37.5M using unrestricted cash. We believe that our reorganized infrastructure has resulted in a smaller and simpler, yet leverageable operating profile. Excluding potential leverage from a second SBIC license or other potentially accretive opportunities, we anticipate that our cost to borrow will remain materially unchanged at approximately 4.5%.
News For MCGC From The Last 14 Days
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August 18, 2015
08:53 EDTMCGCPennantPark Floating and Rate MCG Capital close merger
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August 14, 2015
10:52 EDTMCGCPennantPark Floating Rate & MCG Capital stockholders approve merger transaction
PennantPark Floating Rate Capital (PFLT) and MCG Capital (MCGC) announced that at their respective special meetings held today, stockholders of each company overwhelmingly voted to approve the proposals related to the previously announced merger agreement dated April 28, 2015 among MCG, PFLT, two of PFLT's wholly-owned subsidiaries and PFLT's investment adviser. PFLT's stockholders approved the issuance of PFLT common stock in connection with the merger agreement, with approximately 89% of the shares voted at the special meeting voting in favor of the proposal. MCG's stockholders approved the merger agreement and the merger, with more than 90% of the shares voted at the special meeting voting in favor of the proposal. The merger is expected to close on or about August 18, 2015.

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