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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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May 19, 2015
09:25 EDTMCGCHC2 Holdings submits revised merger proposal to MCG Capital
HC2 Holdings (HCHC) announced that it has sent a letter to MCG Capital (MCGC) again proposing that the companies engage in discussions regarding an agreement for HC2 to acquire MCG. HC2's proposal is to acquire 100% of the common stock of MCGC on a fully-diluted basis in a cash and stock transaction in which stockholders of MCGC would receive $5.25 for each share of MCGC common stock outstanding. The consideration that HC2 is offering in its updated proposal consists of an amount of HC2 common stock valued at $4.75 and 50c in cash, on the terms and conditions described in the proposal. HC2 has delivered what it believes to be a Superior Offer to the PennantPark Transaction.

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