NEW YORK, May 14, 2014 /PRNewswire/ -- Alcentra Capital Corporation (NASDAQ Global Select Market: "ABDC") ("Alcentra") announced today that Alcentra has provided $3.0 million in senior subordinated debt to refinance its existing portfolio company, Media Storm, LLC, an independent media advertising and marketing agency. Alcentra drew down on its revolving credit facility to fund the investment.
Media Storm is a strategic media and marketing agency with roots in entertainment and an innovative model that's redefining service and strategy. The company focuses exclusively on middle market media and entertainment clients, such as the Fox Network and the Scripps Network, with advertising budgets below $100 million. Media Storm's emphasis is on the "tune in market" or media content that is associated with original programming.
About Alcentra Capital Corporation
The Company is an externally-managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to generate both current income and capital appreciation primarily by making direct investments in lower middle-market companies in the form of subordinated debt and, to a lesser extent, senior debt and minority equity investments. The Company seeks to invest primarily in lower middle-market companies, which the Company defines as companies having annual earnings, before interest, taxes, depreciation and amortization, or EBITDA, of between $5 million and $15 million, and/or revenues of between $10 million and $100 million, although the Company may opportunistically make investments in larger or smaller companies. The Company's investment activities are managed by its investment adviser, Alcentra NY, LLC.
About Alcentra NY, LLC
The Company is externally managed by its adviser, Alcentra NY, LLC. Alcentra NY, LLC is responsible for sourcing investment opportunities, conducting industry research, performing diligence on potential investments, structuring the Company's investments and monitoring the Company's portfolio companies on an ongoing basis through a team of investment professionals.
Alcentra NY is part of Alcentra, one of the world's leading sub-investment grade credit asset managers focusing on the European and U. S. markets. The group has an investment track record that dates back to 1998 and spans across 50 separate investment funds totaling approximately $23 billion. Alcentra has more than 90 employees across offices in London, New York, Boston and Singapore and is approximately 100 percent owned by BNY Mellon. BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.
Statements included herein may contain "forward-looking statements," which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission including the preliminary prospectus dated April 28, 2014 and the final prospectus that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein except as required by law. All forward-looking statements speak only as of the date of this press release.
SOURCE Alcentra Capital Corporation