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News Article | February 21, 2017
Site: www.businesswire.com

ST. LOUIS--(BUSINESS WIRE)--Belden Inc. (NYSE: BDC), a global leader in signal transmission solutions for mission-critical applications, announced the launch of its new 4K Ultra-High-Definition (UHD) Media Cables 2183P (plenum) and 2183R (riser). Belden 4K UHD Media Cables are designed specifically to deliver 4K content over HDBaseT up to 100 meters in a unique, small, sleek design. The products are now available for purchase through authorized Belden distributors. “Belden conducted extensive HDBaseT testing in its Belden Engineering Center to better understand which cable characteristics best support the higher bandwidth needs of 4K video. Belden 4K UHD Media Cable is the result of the testing,” says Michael Saber, director of Marketing - Broadcast AV. “The cable was designed to support HDBaseT 5Play, but it is interoperable with various equipment brands.” Belden 4K UHD Media Cables are also up to 25% smaller than other HDBaseT cabling solutions, such as CAT 7A, saving space in racks, conduit and cable trays. “Built with a durable, corrugated, foil shield and a helical drain, the 4K UHD Media product family is extremely flexible and designed to be installer friendly,” Galen Gareis, principle product engineer explains. 4K UHD Media Cables are manufactured using Belden’s patented Bonded-Pair technology, known for its superior electrical performance and resistance to the rigors of AV installation. The cable is rated to withstand 45 pounds of pull tension, much more than the typical 25 pounds of similar networking cables. The single overall foil shield provides 100 percent protection from noise interference and saves significant termination time, eliminating the need to terminate individually shielded pairs or a braid. Also, with just an overall shield, installers no longer need to be concerned about properly grounding individually shielded pairs to a modular plug which is not designed to accommodate this type of cable construction. To further reduce installation time and costs, 4K UHD Media Cables can be terminated using the Belden REVConnect product line of modular shielded plugs and jacks eliminating the need to separate the bonded pairs. Combining REVConnect with the 2183 cable is proven to increase first pass yields and reduce the potential for rework. Most importantly, REVConnect provides assurance to the installer that the termination is made properly and is reliable for accurate 4K HDBaseT transmission. Visit info.belden.com/hdbaset to request a free product sample or download the “Cabling to Support 4K UHD HDBaseT Applications” white paper. For more information on REVConnect, visit http://info.belden.com/ecos/revconnect. In the AV industry, the demand for higher performance communications has become more prevalent than ever before. As a result, the need has increased for professional quality cabling systems and components that can span a vast spectrum of applications. Belden’s cabling and connectivity expertise and performance in the broadcast industry has positioned it as the brand that customers and consultants have come to trust. As the industry adjusts to IP convergence throughout the broadcast and professional AV markets, Belden is well positioned with a broad product portfolio of audio, video, and communication solutions utilizing coax, fiber, hybrid fiber, multi-conductor and category cable and connectivity products including connectors, assemblies, panels and racks. Belden Inc., a global leader in high-quality, end-to-end signal transmission solutions, delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today’s applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com; follow us on Twitter @BeldenInc. *HDBaseT and 5Play are registered Trademarks of HDBaseT Alliance Belden, Belden Sending All The Right Signals, and the Belden logo are trademarks or registered trademarks of Belden Inc. or its affiliated companies in the United States and other jurisdictions. Belden and other parties may also have trademark rights in other terms used herein.


NEW YORK--(BUSINESS WIRE)--New Mountain Finance Corporation (NYSE:NMFC) (the "Company", "we", "us" or "our") today announced its financial results for the quarter and year ended December 31, 2016 and reported fourth quarter net investment income and adjusted net investment income1 of $0.34 per weighted average share. At December 31, 2016, net asset value (“NAV”) per share was $13.46, an increase of $0.18 per share from September 30, 2016, an increase of $0.38 per share from December 31, 2015. The Company also announced that its board of directors declared a first quarter dividend of $0.34 per share, which will be payable on March 31, 2017 to holders of record as of March 17, 2017. We believe that the strength of the Company’s unique investment strategy – which focuses on acyclical “defensive growth” companies that are well researched by New Mountain Capital, L.L.C. (“New Mountain”), a leading alternative investment firm, is underscored by continued stable credit performance. The Company has had only seven portfolio companies, representing approximately $93 million of the cost of all investments made since inception in October 2008, or approximately 2.2%, go on non-accrual. Robert Hamwee, CEO, commented: “ The fourth quarter represented another solid quarter of performance for NMFC. We covered our dividend and originated $222 million of investments. Additionally over the last twelve months, we are pleased to have maintained a steady portfolio yield while increasing book value.” “ As managers and as significant stockholders personally, we are pleased with the completion of another successful quarter and year, where we maintained our dividend and our book value continued to rise,” added Steven B. Klinsky, NMFC Chairman. “ We believe New Mountain’s strategic focus on acyclical “defensive growth” industries and on companies that we know well continues to prove a successful strategy and preserves asset value.” As of December 31, 2016, the Company’s NAV was approximately $938.6 million and its portfolio had a fair value of approximately $1,588.0 million in 79 portfolio companies, with a weighted average Yield to Maturity at Cost3 of approximately 11.1%. For the three months ended December 31, 2016, the Company made approximately $221.5 million of originations and commitments4. The $221.5 million includes approximately $101.7 million of investments in seven new portfolio companies and approximately $119.8 million of follow-on investments in ten portfolio companies held as of September 30, 2016. For the three months ended December 31, 2016, the Company had approximately $25.2 million of sales in five portfolio companies and cash repayments4 of approximately $169.2 million. The Company’s total adjusted investment income for the three months ended December 31, 2016 and 2015 were approximately $43.8 million and $42.0 million, respectively. For the three months ended December 31, 2016 and 2015, the Company’s total adjusted investment income consisted of approximately $36.3 million5 and $36.7 million5 in cash interest income from investments, respectively, prepayment penalties of approximately $1.0 million and $0.4 million, respectively, approximately $1.5 million and $1.0 million in payment-in-kind (“PIK”) interest income from investments, respectively, net amortization of purchase premiums/discounts of approximately $0.7 million and $0.7 million, respectively, PIK dividend income of approximately $1.0 million and $0.7 million, respectively, and approximately $3.3 million and $2.5 million in other income, respectively. The Company’s total net expenses after income tax expense for the three months ended December 31, 2016 and 2015 were approximately $20.8 million and $19.5 million, respectively. Total net expenses after income tax expense for the three months ended December 31, 2016 and 2015 consisted of approximately $7.9 million and $6.5 million, respectively, of costs associated with the Company’s borrowings and approximately $11.6 million and $11.1 million, respectively, in net management and incentive fees. Since the initial public offering (“IPO”), the base management fee calculation has deducted the borrowings under the New Mountain Finance SPV Funding, L.L.C. credit facility (the “SLF Credit Facility”). The SLF Credit Facility had historically consisted of primarily lower yielding assets at higher advance rates. As part of an amendment to the Company’s existing credit facilities with Wells Fargo Bank, National Association, the SLF Credit Facility merged with and into the New Mountain Finance Holdings, L.L.C. credit facility (the “Holdings Credit Facility”) on December 18, 2014. Post credit facility merger and to be consistent with the methodology since the IPO, New Mountain Finance Advisers BDC, L.L.C. (the “Investment Adviser”) will continue to waive management fees on the leverage associated with those assets that share the same underlying yield characteristics with investments that were leveraged under the legacy SLF Credit Facility, which as of December 31, 2016 and 2015 totaled approximately $297.3 million and $304.9 million, respectively. The Investment Adviser cannot recoup management fees that the Investment Advisor has previously waived. For the three months ended December 31, 2016 and 2015, management fees waived were approximately $1.1 million and $1.4 million, respectively. The Company’s net direct and indirect professional, administrative, other general and administrative and income tax expenses for the three months ended December 31, 2016 and 2015 were approximately $1.3 million and $1.9 million, respectively. For the three months ended December 31, 2016 and 2015, the Company recorded approximately ($18.9) million and $0.7 million of adjusted net realized (losses) gains, respectively, and $30.0 million and ($43.2) million of adjusted net changes in unrealized appreciation (depreciation) of investments and securities purchased under collateralized agreements to resell, respectively. For the three months ended December 31, 2016 and 2015, provision for taxes was approximately ($0.2) million and $0.0 million, respectively, related to differences between the computation of income for United States (“U.S.”) federal income tax purposes as compared to accounting principles generally accepted in the United States (“GAAP”). The Company’s total adjusted investment income and total pro forma adjusted investment income for the years ended December 31, 2016 and 2015 were approximately $168.0 million and $154.3 million, respectively. For the years ended December 31, 2016 and 2015, the Company’s total adjusted investment income and total pro forma adjusted investment income consisted of approximately $144.2 million5 and $134.8 million5 in cash interest income from investments, prepayment penalties of approximately $4.9 million and $3.6 million, respectively, approximately $4.3 million and $3.9 million in PIK interest income from investments, respectively, net amortization of purchase premiums/discounts of approximately $3.0 million and $2.4 million, respectively, cash dividend income of approximately $0.2 million and $0.2 million, respectively, PIK dividend income of approximately $3.2 million and $2.6 million, respectively, and approximately $8.2 million and $6.8 million in other income, respectively. The Company’s total net expenses and total pro forma net expenses after income tax expense for the years ended December 31, 2016 and 2015 were approximately $80.0 million and $71.5 million, respectively, excluding the reduction to the hypothetical capital gains incentive fee accrual of $0 and ($0.1) million, respectively. The hypothetical capital gains incentive fee is based upon the cumulative net Adjusted Realized Capital Gains (Losses)6 and the cumulative net Adjusted Unrealized Capital Appreciation (Depreciation)6 from inception through the end of the current period. Actual amounts paid to the Investment Adviser are consistent with the investment advisory and management agreement between the Company and the Investment Adviser (the “Investment Management Agreement”), and are based only on actual Adjusted Realized Capital Gains computed net of all Adjusted Realized Capital Losses and Adjusted Unrealized Capital Depreciation on a cumulative basis from inception through the end of each calendar year as if the entire portfolio was sold at fair value. Total net expenses and total pro forma net expenses after income tax expense for the years ended December 31, 2016 and 2015 consisted of approximately $28.4 million and $23.4 million, respectively, of costs associated with the Company’s borrowings and approximately $44.7 million and $41.3 million, respectively, in net management and incentive fees, excluding the reduction to the hypothetical capital gains incentive fee accrual of $0 and ($0.1) million, respectively. For the years ended December 31, 2016 and 2015, management fees waived were approximately $4.8 million and $5.2 million, respectively. The Company’s net direct and indirect professional, administrative, other general and administrative and income tax expenses for the years ended December 31, 2016 and 2015 were approximately $6.9 million and $6.8 million, respectively. For the years ended December 31, 2016 and 2015, the Company recorded approximately ($16.9) million in adjusted net realized losses and approximately ($13.4) million in pro forma adjusted net realized losses, respectively, and $40.0 million of adjusted net changes in unrealized appreciation of investments and securities purchased under collateralized agreements to resell and ($35.4) million of pro forma adjusted net changes in unrealized depreciation of investments and securities purchased under collateralized agreements to resell, respectively. For the years ended December 31, 2016 and 2015, benefit (provision) for taxes was approximately $0.6 million and ($1.2) million, related to differences between the computation of income for U.S. federal income tax purposes as compared to GAAP. As of December 31, 2016, the Company had cash and cash equivalents of approximately $45.9 million and total statutory debt outstanding of approximately $589.0 million7, which consisted of approximately $333.5 million of the $495.0 million of total availability on the Holdings Credit Facility, $10.0 million of the $122.5 million of total availability on the Company’s senior secured revolving credit facility (the “NMFC Credit Facility”), $155.5 million7 of convertible notes outstanding and $90.0 million of unsecured notes outstanding. Additionally, the Company had $121.7 million of SBA-guaranteed debentures outstanding as of December 31, 2016. The Company puts its largest emphasis on risk control and credit performance. On a quarterly basis, or more frequently if deemed necessary, the Company formally rates each portfolio investment on a scale of one to four. Each investment is assigned an initial rating of a “2” under the assumption that the investment is performing materially in-line with expectations. Any investment performing materially below our expectations would be downgraded from the “2” rating to a “3” or a “4” rating, based on the deterioration of the investment. An investment rating of a “4” could be moved to non-accrual status, and the final development could be an actual realization of a loss through a restructuring or impaired sale. During the fourth quarter of 2016, the Company placed a portion of its first lien position in Sierra Hamilton LLC / Sierra Hamilton Finance, Inc. ("Sierra") on non-accrual status due to its ongoing restructuring. As of December 31, 2016, the portion of the Sierra first lien position placed on non-accrual status represented an aggregate cost basis of $8.2 million and an aggregate fair value of $5.3 million. During the second quarter of 2016, the Company placed a portion of its first lien position in Permian Tank & Manufacturing, Inc. (“Permian”) on non-accrual status due to its ongoing restructuring, which was completed in October 2016. Post restructuring, the Company’s investments in Permian have been restored to full accrual status. As of December 31, 2016, two portfolio companies (including Sierra referenced above) had an investment rating of “3”, with a total cost basis of approximately $20.6 million and a fair value of approximately $12.6 million. As of December 31, 2016, three portfolio companies (including Sierra referenced above) had an investment rating of “4”. As of December 31, 2016, the Company’s investments in these portfolio companies had an aggregate cost basis of approximately $39.4 million and an aggregate fair value of approximately $9.6 million. The Company has had approximately $135.8 million of originations and commitments since the end of the fourth quarter through February 24, 2017. This was offset by approximately $44.6 million of repayments and $17.5 million of sales during the same period. On January 12, 2017, the United States Small Business Administration (the “SBA”) issued a "green light" letter inviting the Company to continue its application process to obtain a second license to form and operate a second small business investment company (“SBIC”) subsidiary. If approved, the additional SBIC license would provide the Company with an incremental source of attractive long-term capital. Receipt of a green light letter from the SBA does not assure an applicant that the SBA will ultimately issue an SBIC license and the Company has received no assurance or indication from the SBA that it will receive an additional SBIC license, or of the timeframe in which it would receive an additional license, should one ultimately be granted. On February 23, 2017, the Company’s board of directors declared a first quarter 2017 distribution of $0.34 per share payable on March 31, 2017 to holders of record as of March 17, 2017. Use of Non-GAAP Financial Measures In evaluating its business, NMFC considers and uses adjusted net investment income as a measure of its operating performance. Adjusted net investment income is defined as net investment income adjusted to reflect income as if the cost basis of investments held at NMFC’s IPO date had stepped-up to fair market value as of the IPO date. Under GAAP, NMFC’s IPO did not step-up the cost basis of the predecessor operating company’s existing investments to fair market value. Since the total value of the predecessor operating company’s investments at the time of the IPO was greater than the investments’ cost basis, a larger amount of amortization of purchase or issue discount, and different amounts in realized gains and unrealized appreciation, may be recognized under GAAP in each period than if a step-up had occurred. For purposes of the incentive fee calculation, NMFC adjusts income as if each investment was purchased at the date of the IPO (or stepped-up to fair market value). In addition, adjusted net investment income excludes any capital gains incentive fee. The term adjusted net investment income is not defined under GAAP and is not a measure of operating income, operating performance or liquidity presented in accordance with GAAP. Adjusted net investment income has limitations as an analytical tool and, when assessing NMFC’s operating performance, and that of its portfolio companies, investors should not consider adjusted net investment income in isolation, or as a substitute for net investment income, or other consolidated income statement data prepared in accordance with GAAP. Among other things, adjusted net investment income does not reflect NMFC’s, or its portfolio companies’, actual cash expenditures. Other companies may calculate similar measures differently than NMFC, limiting their usefulness as comparative tools. New Mountain Finance Corporation will host a conference call at 10 a.m. Eastern Time on Wednesday, March 1, 2017, to discuss its fourth quarter 2016 financial results. All interested parties may participate in the conference call by dialing +1 (877) 443-9109 approximately 15 minutes prior to the call. International callers should dial +1 (412) 317-1082. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through the Company's website, http://ir.newmountainfinance.com. To listen to the live call, please go to the Company's website at least 15 minutes prior to the start of the call to register and download any necessary audio software. Following the call, you may access a replay of the event via audio webcast on our website. We will be utilizing a presentation during the conference call and we have posted the presentation to the investor relations section of our website. New Mountain Finance Corporation is a closed-end, non-diversified and externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Company’s investment objective is to generate current income and capital appreciation through the sourcing and origination of debt securities at all levels of the capital structure, including first and second lien debt, notes, bonds and mezzanine securities. In some cases, the investments may also include small equity interests. The Company’s investment activities are managed by its Investment Adviser, New Mountain Finance Advisers BDC, L.L.C., which is an investment adviser registered under the Investment Advisers Act of 1940, as amended. More information about New Mountain Finance Corporation can be found on the Company’s website at http://www.newmountainfinance.com. New Mountain Capital, L.L.C. is a New York-based alternative investment firm investing for long-term capital appreciation through direct investments in growth equity transactions, leveraged acquisitions, and management buyouts. The firm currently manages private and public equity funds with more than $15.5 billion in aggregate capital commitments. New Mountain Capital, L.L.C. seeks out the highest-quality defensive growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, L.L.C., please visit http://www.newmountaincapital.com. Statements included herein may contain “forward-looking statements”, which relate to our future operations, future performance or our financial condition. Forward-looking statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results and outcomes may differ materially from those anticipated in the forward-looking statements as a result of a variety of factors, including those described from time to time in our filings with the Securities and Exchange Commission or factors that are beyond our control. New Mountain Finance Corporation undertakes no obligation to publicly update or revise any forward-looking statements made herein. All forward-looking statements speak only as of the time of this press release.


News Article | February 27, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--Ares Capital Corporation (NASDAQ:ARCC) is providing additional details on its new financing commitments closed during the fourth quarter, which totaled approximately $1.2 billion. “In the fourth quarter, we leveraged the breadth of our platform to originate $1.2 billion of commitments across 24 transactions in a variety of industries,” said Kipp deVeer, Chief Executive Officer of Ares Capital. “Having over 80% of our investment activity in the quarter in support of our existing borrowers is a testament to the significant advantages we provide to our borrowers.” Below is a description of eight transactions that closed during the fourth quarter. Ares Capital served as administrative agent for a $305.0 million second lien credit facility to support the management-led buyout of Acrisure. Ares Capital also made a co-investment in an ABRY Partners-led preferred stock investment in connection with the transaction. Based in Grand Rapids, Michigan, Acrisure is a leading retail insurance brokerage offering comprehensive risk management and consulting solutions, including property and casualty, employee benefits, human resource outsourcing, loss and claims management, surety bonding and personal lines coverage. Ares Capital served as administrative agent for a $250.0 million senior secured credit facility to support a dividend recapitalization of Riverview Power LLC, a 1,559-MW natural gas-fired and landfill gas power portfolio located throughout NYISO, PJM and ERCOT. Ares Capital served as administrative agent, lead arranger and bookrunner for a $176.2 million senior secured credit facility to support the acquisition of National Seating & Mobility (NSM) by Court Square Capital Partners. Founded in 1992, and headquartered in Franklin, Tennessee, NSM has grown into North America’s premier Complex Rehab Technology provider. NSM designs and assembles customized wheelchairs and adaptive seating systems that play an essential role in improving the lives of patients by enhancing their functionality, maximizing their independence and providing an ability to participate in the community. Ares Capital served as second lien administrative agent and collateral agent for a $75.0 million incremental second lien term loan to support a dividend recapitalization of Varsity Brands, a Charlesbank Capital Partners portfolio company. With a mission to inspire achievement and create memorable experiences for young people, Varsity Brands elevates the student experience, promotes participation, and celebrates achievement through three unique businesses: Herff Jones, BSN SPORTS, and Varsity Spirit. Together, these assets promote personal, school, and community pride through customizable products and programs to elementary and middle schools, high schools, and colleges and universities, as well as church organizations, professional and collegiate sports teams, and corporations. Ares Capital served as administrative agent and collateral agent for a $17.8 million upsize to Crown Laundry’s senior secured credit facility to support the buildout of a new plant in Bishopville, South Carolina. Crown Laundry is an independent full-service healthcare laundry processor and linen rental company serving healthcare providers in the southeastern United States. Ares Capital served as administrative agent for a holdco bridge loan in connection with the acquisition of the Broad River Energy Center by affiliates of Arroyo Energy Investors. Broad River is a 850-MW dual-fuel, simple-cycle generating facility located in Cherokee County, South Carolina that is fully committed to Duke Energy Progress under two long-term tolling agreements. Ares Capital served as administrative agent for an incremental second lien term loan to support the recapitalization of Young Innovations, a Linden Capital Partners portfolio company. Young Innovations develops, manufactures and markets supplies and equipment used by dentists, dental hygienists, dental assistants and consumers. Ares Capital served as the administrative agent, collateral agent, sole lead arranger and sole bookrunner for a senior secured credit facility to support a financing of Zywave, an Aurora Capital Group portfolio company. Zywave is the leading provider of technology-enabled content and analytical solutions on a software as a service (SaaS) basis that drive improved performance in sales, marketing and customer retention for P&C and benefits insurance brokerages. Zywave’s products deliver demonstrable value to its customers, leading to more initial prospect meetings, better close rates, and shortened selling cycles in the competitive independent brokerage market. Zywave's complementary product portfolio includes tools related to marketing communications, data analytics, employer resources and benefits agency management, among others. Ares Capital is a leading specialty finance company that provides one-stop debt and equity financing solutions to U.S. middle market companies, venture capital backed businesses and power generation projects. Ares Capital originates and invests in senior secured loans, mezzanine debt and, to a lesser extent, equity investments through its national direct origination platform. Ares Capital’s investment objective is to generate both current income and capital appreciation through debt and equity investments primarily in private companies. Ares Capital has elected to be regulated as a business development company (“BDC”) and as of December 31, 2016, was the largest BDC by total assets and market capitalization. Ares Capital is externally managed by a subsidiary of Ares Management, L.P. (NYSE:ARES), a publicly traded, leading global alternative asset manager. For more information about Ares Capital, visit www.arescapitalcorp.com. However, the contents of such website are not and should not be deemed to be incorporated by reference herein.


News Article | March 1, 2017
Site: co.newswire.com

WebsiteBox, a platform that empowers real estate professionals build their unique brands through delivering extraordinary online experiences for their customers, today announced new debt financing from BDC Capital – a wholly-owned subsidiary of Business Development Bank of Canada (BDC). WebsiteBox’ award-winning “do-it-yourself” personalized website offering with fully integrated marketing automation capabilities and MLS (IDX) listing data have received tremendous market acceptance since its inception, growing to a total active client base of more than 25,000. The funds will be used to further accelerate WebsiteBox’ revenue growth and solution offering. “WebsiteBox is a great example of a successful, high-growth technology firm fueled by talented and committed entrepreneurs,” said Enes Kula of BDC Capital. “After four successful years in operation, we believe WebsiteBox is at an inflection point having created a robust technology infrastructure as well as strong alliances with hundreds of regional MLS associations, covering more than 80% of real estate population in North America. We are excited to support WebsiteBox’ growth and look forward to participating in its ongoing success.” “We have built the next generation marketing platform for real estate professionals at an extremely competitive price point,” stated Peyman Aleagha, founder and CEO of WebsiteBox. “Our primary objective is to remove all the pain and cost associated with launching and managing a mobile-friendly website with digital marketing capabilities. A new agent can have a personalized website in less than 10 minutes and WebsiteBox will look after the rest including cloud hosting for life, backup to MLS data integration, analytics and live support – all for a one-time fee of $99. We are excited to continue our journey and look forward to a long and successful partnership with BDC Capital.” For more information, please visit websitebox.com, email info@websitebox.com, or phone 1-866-857-1657. Launched in January 2013, WebsiteBox is a Toronto-based technology company offering feature-rich, mobile-friendly real estate websites fully integrated with marketing automation capabilities and MLS listing data integration - exclusively build for real estate professionals - for a market leading price of $99. Less than six months after launching as a real estate technology startup, WebsiteBox™ was named to HousingWire Magazine’s inaugural RETech:50 list of top real estate technology firms, and has been nominated for the prestigious Inman Innovator Award. With more than $2 billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada’s most innovative and high potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit bdc.ca/capital.​


News Article | March 1, 2017
Site: www.prnewswire.com

TORONTO, March 1, 2017 /PRNewswire/ -- WebsiteBox, a platform that empowers real estate professionals build their unique brands through delivering extraordinary online experiences for their customers, today announced new debt financing from BDC Capital – a wholly-owned subsidiary of...


Driving revenue, loyalty is key for customers Lancome, Carnival Cruise Line, Paula's Choice and PureFormulas VANCOUVER, BC--(Marketwired - Feb 14, 2017) - Mobile customer engagement leader Mobify has announced the conclusion of a record-breaking 2016 and an additional investment led by new investor BDC Capital with participation by Series A investor Acton Capital. The growth reflects the retail market's imperative for high-growth mobile commerce and adoption of Mobify's approach to mobile customer engagement. The investment follows Mobify's best sales year to date; highlights include Lancôme, Paula's Choice, Carnival Cruise Line and PureFormulas. In addition, the company expanded its partner ecosystem, added and promoted leadership, and was first to market with innovations to help customers exploit some of the industry's most exciting new mobile technologies, including Google's Progressive Web Apps, Payment Request API, and web push notifications. According to Andrew Lugsdin, partner in the BDC Capital IT Venture Fund, who has joined the Mobify board, "Mobify has exhibited an impressive combination of vision, innovation, and execution at a transformational time in e-commerce. By being first to exploit the new capabilities of modern mobile devices, Mobify has been able to show brands how to offer extraordinary experiences to their customers and drive immediate revenue. We're very excited to be part of Mobify's 2017 journey." Mobify introduced its category-leading Mobify mobile customer engagement platform in May 2016, replacing isolated point solutions with the first platform to unite Progressive Mobile web and apps, along with Engagement Marketing, such as push notifications and store traffic drivers, in an all-in-one solution. In addition to posting a record number of new customers and enterprise expansions, Mobify has more implementations of Google-backed Progressive Web Apps (PWAs) than any other mobile commerce and engagement vendor. Many believe this new mobile technology will change ecommerce by marrying the performance of native mobile apps with the ubiquity of the mobile web. "This has been a tremendously exciting year for mobile commerce and amazing to watch as our customers experience unprecedented conversion lifts using the Mobify Platform," said Mobify CEO Igor Faletski. "With mobile commerce growing at a rate more than double the growth of total e-commerce, it's an incredible time to be at the center of the number one technology-driven transition in marketing -- mobile-centric marketing." To learn more about Mobify, visit www.mobify.com. The Mobify Platform is a leading mobile customer engagement solution for retailers and brands that want to boost revenues, keep up with customer expectations, and protect their competitive edge. The core of Mobify's platform is Progressive Mobile and Engagement Marketing. Progressive Mobile delivers a unified customer experience across mobile web and apps, while Engagement Marketing builds customer relationships through push notifications and store drivers. Leading global brands including Lancôme, Burlington Coat Factory, Dollar Tree, Matalan, British Telecom, Carnival Cruise Line, Bosch, Superdry, Eddie Bauer, PureFormulas and Tommy Bahama generate extensive revenue through the Mobify Platform and rely on Mobify to grow their customer lifetime value. www.mobify.com


NEW YORK--(BUSINESS WIRE)--TPG Specialty Lending, Inc. (NYSE: TSLX, or the “Company”) today reported net investment income of $28.1 million, or $0.47 per share, for the quarter ended December 31, 2016. Net asset value per share was $15.95 at December 31, 2016 as compared to $15.78 at September 30, 2016. The Company’s Board of Directors previously declared a fourth quarter dividend of $0.39 per share, payable to stockholders of record as of December 31, 2016 that was paid on January 31, 2017. The Company also announced that its Board of Directors has declared a quarterly dividend of $0.39 per share for stockholders of record as of March 31, 2017, payable on or about April 28, 2017. The Company’s Board of Directors also approved an extension to its stock repurchase plan (“Company 10b5-1 Plan”) to acquire up to $50 million in the aggregate of TSLX’s common stock at prices just below TSLX’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934. Unless extended or terminated by its Board of Directors, the Company expects that the stock repurchase plan will be in effect through the earlier of August 31, 2017, or such time as the approved $50 million repurchase amount has been fully utilized, subject to certain conditions. Under the Company 10b5-1 Plan, no shares were repurchased during the three months ended December 31, 2016, and 86,081 shares were repurchased during the fiscal year ended December 31, 2016. (1) Includes one fixed rate investment for which the Company entered into an interest rate swap agreement to swap to a floating rate. The conference call will be broadcast live at 8:30 a.m. Eastern Time on February 23, 2017. Please visit TSLX’s webcast link located on the Events & Presentation page of the Investor Resources section of TSLX’s website http://www.tpgspecialtylending.com for a slide presentation that complements the Earnings Conference Call. Please visit the website to test your connection before the webcast. Participants are also invited to access the conference call by dialing one of the following numbers: All callers will need to enter the Conference ID followed by the # sign and reference “TPG Specialty Lending” once connected with the operator. All callers are asked to dial in 10-15 minutes prior to the call so that name and company information can be collected. An archived replay will be available from approximately 12:00 p.m. Eastern Time on February 23 through March 9 via a webcast link located on the Investor Resources section of the Company’s website, and via the dial-in numbers listed below: For the three months ended December 31, 2016, gross originations totaled $79.2 million. This compares to $318.1 million for the three months ended September 30, 2016 and $399.3 million for the three months ended December 31, 2015. For the twelve months ended December 31, 2016, gross originations totaled $761.5 million. This compares to gross originations of $964.2 million for the year ended December 31, 2015. For the three months ended December 31, 2016, the Company made new investment commitments and fundings of $54.3 million, $50.0 million in one new portfolio company and $4.3 million in two existing portfolio companies. For this period, the Company had $56.8 million aggregate principal amount in exits and repayments, resulting in a net portfolio decrease of $2.5 million aggregate principal amount. For the three months ended December 31, 2015, the Company made new investment commitments and fundings of $283.8 million, $272.9 million in six new portfolio companies and $10.9 million in three existing portfolio companies. For this period, the Company had $154.5 million aggregate principal amount in exits and repayments, resulting in a net portfolio increase of $129.3 million aggregate principal amount. For the year ended December 31, 2016, the Company made new investment commitments of $562.7 million, including $492.7 million in 14 new portfolio companies and $70.0 million in 9 existing portfolio companies. For this period, the Company had $416.5 million aggregate principal amount in exits and repayments, resulting in a net portfolio increase of $103.6 million aggregate principal amount. For the year ended December 31, 2015, the Company made new investment commitments of $718.7 million, including $631.6 million in 20 new portfolio companies and $87.1 million in 14 existing portfolio companies. For this period, the Company had $385.2 million aggregate principal amount in exits and repayments, resulting in a net portfolio increase of $278.8 million aggregate principal amount. As of December 31, 2016 and September 30, 2016, the Company had investments in 52 portfolio companies with an aggregate fair value of $1,657.4 million and $1,643.6 million, respectively. As of December 31, 2016, the portfolio consisted of 96.5% first-lien debt investments, 1.2% second-lien debt investments, 0.6% mezzanine and unsecured debt investments, and 1.7% equity and other investments. As of September 30, 2016, the portfolio consisted of 94.4% first-lien debt investments, 3.2% second-lien debt investments, 0.9% mezzanine and unsecured debt investments and 1.5% equity and other investments. As of December 31, 2016, approximately 98.4% of our debt investments based on fair value were floating rate in nature (when including investment specific hedges), with 94.8% of these debt investments subject to interest rate floors. The Company’s credit facility bears interest at floating rates, and the Company, in connection with the issuance of its 2019 and 2022 Convertible Senior Notes, which bear interest at fixed rates, entered into fixed-to-floating interest rate swaps in order to continue to align the interest rates of the Company’s liabilities with its investment portfolio. As of December 31, 2016 and September 30, 2016, the weighted average total yield of debt and income producing securities at fair value was 10.4% and 10.3%, respectively, and the weighted average total yield of debt and income producing securities at amortized cost was 10.4% and 10.3%, respectively. As of December 31, 2016, 100.0% of debt investments were meeting all payment and covenant requirements, with no investments on non-accrual status. Results of Operations for the Three Months Ended December 31, 2016 compared to the Three Months Ended December 31, 2015 For the three months ended December 31, 2016 and 2015, investment income totaled $49.7 million and $43.6 million, respectively. Interest from investments increased primarily as a result of an increase in the average size of our investment portfolio and an increase in other income. Net expenses totaled $21.0 million and $19.7 million for the three months ended December 31, 2016 and 2015, respectively. The increase in net expenses was due to higher interest expense related to an increase in the weighted average debt outstanding, higher interest rates, and higher management and incentive fees, partially offset by lower professional fees. As of December 31, 2016, the Company had $4.9 million in cash and cash equivalents, total debt of $691.7 million, and approximately $477 million of undrawn capacity on its revolving credit facility, subject to borrowing base and other limitations, inclusive of the impact of the Company’s February 2017 offering of $115 million principal amount of 2022 Convertible Senior Notes. The Company’s weighted average interest rate on debt outstanding was 2.8% and 2.7% for the three months ended December 31, 2016 and September 30, 2016, respectively. The Company is rated BBB- with stable outlook by both Fitch Ratings and Standard and Poor’s. The Company’s investment activity for the year ended December 31, 2016, 2015 and 2014 is presented below (information presented herein is at par value unless otherwise indicated). (1) Includes one fixed rate investment for the year ended December 31, 2015 for which the Company entered into an interest rate swap agreement to swap to a floating rate. TSLX is a specialty finance company focused on lending to middle-market companies. The Company seeks to generate current income primarily in U.S.-domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine and unsecured loans and investments in corporate bonds and equity securities. The Company has elected to be regulated as a business development company, or a BDC, under the Investment Company Act of 1940 and the rules and regulations promulgated thereunder. TSLX is externally managed by TSL Advisers, LLC, a Securities and Exchange Commission (“SEC”) registered investment adviser. TSLX leverages the deep investment, sector, and operating resources of TPG Special Situations Partners, the dedicated special situations and credit platform of TPG, with approximately $18 billion of assets under management as of December 31, 2016, and the broader TPG platform, a global private investment firm with approximately $74 billion of assets under management as of September 30, 2016. For more information, visit the Company’s website at www.tpgspecialtylending.com. Statements included herein may constitute “forward-looking statements,” which relate to future events or the Company’s future performance or financial condition. These statements are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update any such forward-looking statements. TSLX undertakes no duty to update any forward-looking statements made herein.


NEW YORK--(BUSINESS WIRE)--Goldman Sachs BDC, Inc. (“GS BDC” or the “Company”) (NYSE:GSBD) today announced its financial results for the fourth quarter ended December 31, 2016 and filed its Form 10-K with the U.S. Securities and Exchange Commission. During the three months ended December 31, 2016, gross originations were $110.3 million. New investment commitments and fundings were $90.3 million. The new investment commitments were across two new portfolio companies and three existing portfolio companies. The Company had sales and repayments of $55.9 million, primarily resulting from a full repayment by one portfolio company and a partial syndication of the Company’s investment in one portfolio company. As a result of this activity, the portfolio composition was relatively steady during the quarter. Summary of Investment Activity for the three months ended December 31, 2016: During the three months ended December 31, 2016, the SCF made new investment commitments and fundings of $105.6 million and $99.3 million, respectively, in six new portfolio companies and six existing portfolio companies. The SCF also had sales and repayments of $15.7 million, resulting in net funded portfolio growth of $86.7 million during the quarter. As of December 31, 2016, the SCF’s investment portfolio at fair value was $479.5 million, an increase of 22.2% quarter over quarter. As a result of this activity, the Company increased its investment in the SCF from $69.8 million to $78.4 million. The SCF represents the Company’s largest investment at fair value and cost. As of December 31, 2016, the Company’s investment portfolio had an aggregate fair value of $1,167.3 million, comprised of investments in 40 portfolio companies operating across 26 different industries. The investment portfolio on a fair value basis was comprised of 91.5% secured debt investments (62.7% in first lien debt (including 26.6% in first lien/last-out unitranche debt) and 28.8% in second lien debt), 0.3% in unsecured debt, 1.0% in preferred stock, 0.5% in common stock, and 6.7% in the SCF. Summary of Investment Portfolio as of December 31, 2016: As of December 31, 2016, the weighted average yield of the Company’s total investment portfolio at amortized cost and fair value was 10.6% and 11.8%, respectively, as compared to 10.4% and 11.8%, respectively, as of September 30, 2016. On a fair value basis, the percentage of the Company’s debt investments bearing interest at a floating rate increased from 89.6% to 92.8% quarter over quarter.5 As of December 31, 2016, the weighted average net debt/EBITDA of the companies in the Company’s investment portfolio was 4.8x versus 4.6x as of September 30, 2016. The weighted average interest coverage of interest-bearing companies in the investment portfolio was 2.7x versus 2.9x from the previous quarter. The median EBITDA of the portfolio companies was $25.0 million.6 During the quarter, the Company’s investments in Iracore International Holdings, Inc. (“Iracore”) and Washington Inventory Service (“WIS”) were on non-accrual status. In addition, the Company placed NTS Communications, Inc. back on accrual status. As of December 31, 2016, Iracore and WIS were the only two investments on non-accrual status and represented 1.4% and 3.8% of the total investment portfolio at fair value and amortized cost, respectively. As of December 31, 2016, the Company’s investment in the SCF yielded 14.5% at both amortized cost and fair value over the trailing four quarters. The SCF’s investment portfolio had an aggregate fair value of $479.5 million, comprised of investments in 37 portfolio companies operating across 22 different industries. The SCF’s investment portfolio on a fair value basis was comprised of 100.0% secured debt investments (95.1% in first lien debt, 2.0% in a first-out portion of first lien unitranche debt and 2.9% in second lien debt). All of the investments in the SCF were invested in debt bearing a floating interest rate with an interest rate floor. As of December 31, 2016, the weighted average net debt/EBITDA and interest coverage of the companies in the SCF investment portfolio were 3.8x and 3.2x, respectively. The median EBITDA of the SCF’s portfolio companies was $68.7 million. None of the SCF’s investments are on non-accrual status as of December 31, 2016. Total investment income for the three months ended December 31, 2016 and September 30, 2016 was $30.5 million and $34.0 million, respectively. The decrease in investment income over the quarter was primarily driven by the classification of Iracore and WIS as non-accrual investments and a decline in prepayment related income. The $30.5 million of total investment income was comprised of $28.9 million from interest income, original issue discount accretion and dividend income, $1.5 million from other income and $0.1 million from prepayment related income.7 Total expenses before taxes for the three months ended December 31, 2016 and September 30, 2016 were $12.0 million and $15.0 million, respectively. The $3.0 million decrease in expenses was primarily driven by a decrease in incentive fees. The $12.0 million of total expenses were comprised of $4.4 million of interest and credit facility expenses, $5.9 million of management and incentive fees, and $1.7 million of other operating expenses. Net investment income after taxes for the three months ended December 31, 2016 was $18.1 million, or $0.50 per share, compared with $18.7 million, or $0.51 per share for the three months ended September 30, 2016. During the three months ended December 31, 2016, the Company had net unrealized depreciation of $(12.5) million on certain investments. Net increase in net assets resulting from operations for the three months ended December 31, 2016 was $5.6 million, or $0.15 per share. During the quarter ended December 31, 2016, the Company closed an offering of $115.0 million aggregate principal amount of 4.50% Convertible Notes due April 2022. The net proceeds of the offering were used to pay down debt under the Company’s revolving credit facility. In addition, the Company amended its revolving credit facility to extend the maturity date by one year to December 16, 2021 and upsize the total commitments to $605.0 million. As of December 31, 2016, the Company had $502.8 million of total debt outstanding, comprised of $387.8 million of outstanding borrowings under its revolving credit facility and $115.0 million of convertible notes. The combined weighted average interest rate on debt outstanding was 3.06% for the three months ended December 31, 2016. As of December 31, 2016, the Company had $217.3 million of availability under its revolving credit facility and $4.6 million in cash and cash equivalents. The Company’s average and ending debt to equity leverage ratio was 0.71x and 0.76x, respectively, for the three months ended December 31, 2016, as compared with 0.74x and 0.70x, respectively, for the three months ended September 30, 2016.8 In February 2017, the Company’s Board of Directors renewed the Company’s stock repurchase plan to extend the expiration from March 18, 2017 to March 18, 2018. Under the stock repurchase plan, the Company may repurchase up to $25.0 million of its common stock if the market price for the common stock is below the Company’s most recently announced net asset value per share, subject to certain limitations. The stock repurchase plan authorized the Company to enter into a plan that provides that purchases will be conducted on the open market on a programmatic basis or to repurchase in privately negotiated transactions in accordance with Rule 10b-18 under the Exchange Act and will otherwise be subject to applicable law, including Regulation M, which may prohibit purchases under certain circumstances. The Company will host an earnings conference call on Wednesday, March 1, 2017 at 10:00 am Eastern Time. All interested parties are invited to participate in the conference call by dialing (866) 884-8289; international callers should dial +1 (631) 485-4531; conference ID 64817175. All participants are asked to dial in approximately 10-15 minutes prior to the call, and reference “Goldman Sachs BDC, Inc.” when prompted. For a slide presentation that the Company may refer to on the earnings conference call, please visit the Investor Resources section of the Company’s website at www.goldmansachsbdc.com. The conference call will be webcast simultaneously on the Company’s website. An archived replay of the call will be available from approximately 1:00 pm Eastern Time on March 1 through April 1. To hear the replay, participants should dial (855) 859-2056; international callers should dial +1 (404) 537-3406; conference ID 64817175. An archived replay will also be available on the Company’s webcast link located on the Investor Resources section of the Company’s website. Please direct any questions regarding obtaining access to the conference call to Goldman Sachs BDC, Inc. Investor Relations, via e-mail, at gsbdc-investor-relations@gs.com. Goldman Sachs BDC, Inc. is a specialty finance company that has elected to be regulated as a business development company under the Investment Company Act of 1940. GS BDC was formed by The Goldman Sachs Group, Inc. (“Goldman Sachs”) to invest primarily in middle-market companies in the United States, and is externally managed by Goldman Sachs Asset Management, L.P., an SEC-registered investment adviser and a wholly-owned subsidiary of Goldman Sachs. GS BDC seeks to generate current income and, to a lesser extent, capital appreciation primarily through direct originations of secured debt, including first lien, first lien/last-out unitranche and second lien debt, and unsecured debt, including mezzanine debt, as well as through select equity investments. For more information, visit www.goldmansachsbdc.com. Information on the website is not incorporated by reference into this press release and is provided merely for convenience. This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “target,” “estimate,” “intend,” “continue,” or “believe” or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent the Company’s belief regarding future events that, by their nature, are uncertain and outside of the Company’s control. We believe that it is important to communicate our future expectations to our investors. There are likely to be events in the future, however, that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.


News Article | February 15, 2017
Site: www.marketwired.com

CALGARY, ALBERTA--(Marketwired - Feb. 13, 2017) - Quattro Exploration and Production Ltd. (TSX VENTURE:QXP) ("Quattro" or the "Company") announces that on February 2, 2017 the company's primary lender, The Business Development Bank of Canada ("BDC") obtained an order (the "Receivership Order") from the Court of Queen's Bench of Alberta appointing Hardie & Kelly Inc. as receiver and manager (the "Receiver") of Quattro's current and future assets, undertakings and properties of every nature and kind whatsoever, and wheresoever situate, including all proceeds thereof (the "Property"). The directors and officers of Quattro remain in place; however, their powers are limited by the Receivership Order. The Receivership Order empowers the Receiver to take possession and control of, manage, preserve and market the Property of Quattro, as well as manage, operate and carry on the business of Quattro. Hardie & Kelly Inc. acting as receiver and manager over the Property and business of the Company can be contacted with respect to any questions concerning the Property, business, operations and liabilities of the Company and is in charge of managing the day to day affairs during the period of its appointment. More information on the receivership is available on the Receiver's website at: www.insolvency.net/quattro-exploration-production-ltd/. This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com. This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Trading in the securities of Quattro Exploration and Production Ltd. should be considered highly speculative. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


SANTA MONICA, Calif., Feb. 28, 2017 /PRNewswire/ -- TCP Capital Corp. ("we," "us," "our," "TCPC" or the "Company"), a business development company ("BDC") (NASDAQ: TCPC), today announced its financial results for the fourth quarter and year ended December 31, 2016 and filed its annual...

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