American Capital Senior Floating Reports Net Investment Income Of $0.31 Per Share
BETHESDA, Md., Nov. 4, 2016 /PRNewswire/ -- American Capital Senior Floating, Ltd. ("ACSF" or the "Company") (NASDAQ: ACSF) today reported net investment income of $3.1 million, or $0.31 per share, for the quarter ended September 30, 2016 and net asset value ("NAV") of $132.0 million, or $13.20 per share, as of September 30, 2016.
THIRD QUARTER 2016 FINANCIAL HIGHLIGHTS
- Actively managed portfolio through periods of volatility
- Invested $18.2 million into 14 new loan obligors
- Sold $12.1 million of investments and received $11.7 million of repayments, including distributions received from our collateralized loan obligations ("CLOs")
- $0.31 per share net investment income, or $3.1 million
- Increased $0.01 per share from Q2 2016 net investment income of $0.30 per share
- $1.03 per share net earnings, or $10.3 million
- Consistent with Q2 2016 net earnings of $1.03 per share
- $13.20 NAV per share as of September 30, 2016, or $132.0 million
- $0.75 per share increase from June 30, 2016 NAV per share of $12.45
- 8.3% economic return on NAV for Q3 2016, or 33.1% annualized
- Composed of $0.291 per share cash distributions to stockholders and $0.75 increase in NAV per share
- $0.097 per share monthly cash distributions to stockholders ($0.291 for the quarter)
- 8.8% annualized yield on the September 30, 2016 NAV per share
- 10.5% annualized yield on the September 30, 2016 closing market price of $11.03 per share
- $231.0 million Investment Portfolio at fair value as of September 30, 2016
- $175.7 million, or 76%, in first lien floating rate loans
- $16.4 million, or 7%, in second lien floating rate loans
- $38.9 million, or 17%, of equity in CLOs
- 6.26% Investment Portfolio yield at cost as of September 30, 2016
- 33 basis point decrease from 6.59% yield at cost as of June 30, 2016 due to a 171 basis point decrease in CLO yields resulting from lower cash forecasts as of September 30, 2016
- 2.68% cost of funds as of September 30, 2016
- 3 basis point increase from 2.65% cost of funds as of June 30, 2016 due to increases in LIBOR
- Includes 2.27% interest expense, 0.31% unused facility fees and 0.10% amortization of debt financing costs
- 0.76x debt to equity ratio as of September 30, 2016
- Decreased 0.02x from 0.78x as of June 30, 2016 due primarily to an increase in the fair value of the portfolio
"Market technicals continued their positive trend over the quarter which is reflected in our portfolio performance and appreciation," said Mark Pelletier, President and Chief Investment Officer. "Pricing in the loan market continued to improve, which coupled with strong demand, resulted in another encouraging quarter for CLO valuations."
John Erickson, Chief Financial Officer commented, "Today we declared the next three months' dividends for November, December and January, which aggregate to $0.291 per share for the quarter. Our current annualized dividend represents an 8.8% annualized yield on our September 30, 2016 NAV and a 10.5% annualized yield on our September 30, 2016 closing share price of $11.03 per share."
PORTFOLIO AND INVESTMENT ACTIVITY
As of September 30, 2016, the fair market value of ACSF's portfolio totaled $231.0 million and was composed of $175.7 million, or 76%, of first lien floating rate loans, $16.4 million, or 7%, of second lien floating rate loans (collectively, the "Loan Portfolio") and $38.9 million (or 17%) of CLO equity (the "CLO Portfolio" and, together with the Loan Portfolio, the "Investment Portfolio"). The Investment Portfolio had a yield at cost of 6.26% as of September 30, 2016.
As of September 30, 2016, ACSF's Loan Portfolio was diversified across 140 issuers and 46 industries and its CLO Portfolio was invested in 22 issuers and 16 collateral managers. The Investment Portfolio was actively managed during the quarter with $18.2 million of purchases and $23.8 million of sales and repayments. The following table depicts the Investment Portfolio activity by investment type for the quarter ended September 30, 2016:
First Lien |
Second Lien |
CLO Equity |
Common Equity |
Total |
|||||||||||||||||||||||||
$ in millions |
Amount |
Yield (at cost) |
Amount |
Yield |
Amount |
Yield |
Amount |
Yield |
Amount |
Yield |
|||||||||||||||||||
June 30, 2016 - FV |
$ |
173.9 |
5.1 |
% |
$ |
16.5 |
8.3 |
% |
$ |
37.0 |
11.2 |
% |
$ |
— |
n/a |
$ |
227.4 |
6.6 |
% |
||||||||||
Purchases |
15.7 |
5.4 |
% |
2.5 |
8.0 |
% |
— |
n/a |
— |
n/a |
18.2 |
5.2 |
% |
||||||||||||||||
Sales |
(12.1) |
(4.6) |
% |
— |
n/a |
— |
n/a |
— |
n/a |
(12.1) |
(4.5) |
% |
|||||||||||||||||
Repayments (1) |
(5.3) |
(4.8) |
% |
(3.1) |
(8.7) |
% |
(3.3) |
(18.3) |
% |
— |
n/a |
(11.7) |
(9.8) |
% |
|||||||||||||||
Net realized and unrealized gain / (loss) |
3.4 |
n/a |
0.5 |
n/a |
3.3 |
n/a |
— |
n/a |
7.2 |
n/a |
|||||||||||||||||||
Other (2) |
0.1 |
n/a |
— |
n/a |
1.9 |
n/a |
— |
n/a |
2.0 |
n/a |
|||||||||||||||||||
September 30, 2016 - FV |
$ |
175.7 |
5.1 |
% |
$ |
16.4 |
8.2 |
% |
$ |
38.9 |
9.5 |
% |
$ |
— |
n/a |
$ |
231.0 |
6.3 |
% |
(1) |
CLO equity repayments reflect the amount of cash distributions received during the three months ended September 30, 2016. |
(2) |
Other includes amortization of discount/premium on the Loan Portfolio and income recognized on CLO equity using the effective interest method during the three months ended September 30, 2016. |
RESULTS OF OPERATIONS
Net Investment Income
Net investment income totaled $3.1 million, or $0.31 per share, for the three months ended September 30, 2016. Gross investment income was $4.6 million for the quarter, with $2.7 million, or 58%, generated from the Loan Portfolio and $1.9 million, or 42%, generated from the CLO Portfolio. Net expenses totaled $1.5 million for the three months ended September 30, 2016, with interest and other debt related costs of $0.7 million, management fees of $0.5 million and $0.3 million of other operating expenses, net of the expense waiver.
Net Realized and Unrealized Gain / (Loss) From Investments
Net realized and unrealized gain on investments for the three months ended September 30, 2016 totaled $7.2 million and was composed of $(0.2) million of net realized losses on sales of investments and $7.4 million of net unrealized appreciation on the Investment Portfolio. The $7.4 million of net unrealized appreciation on the Investment Portfolio was driven by $4.1 million of net unrealized appreciation in the Loan Portfolio and $3.3 million of net unrealized appreciation in the CLO Portfolio. The increase in fair value of the CLO Portfolio was a result of a number of factors, including a continued rise in loan prices in the third quarter 2016, increased trading in CLO equity and a tightening of liability spreads for mezzanine and equity tranches. The primary driver for the increase in fair value of the Loan Portfolio was higher prices in the broadly syndicated U.S. loan market.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2016, ACSF's wholly-owned consolidated financing subsidiary, ACSF Funding I, LLC ("ACSF Funding"), had $100.0 million outstanding on its $135.0 million revolving credit facility, resulting in a debt to equity ratio of 0.76x. As of September 30, 2016, ACSF had $39.7 million of available liquidity consisting of $4.7 million of cash and cash equivalents and $35.0 million of available capacity on the ACSF Funding revolving credit facility.
DISTRIBUTIONS TO STOCKHOLDERS
On November 4, 2016, the Company announced the declaration of monthly cash distributions to stockholders of $0.097 per share for each of November 2016, December 2016 and January 2017. This cash distribution rate represents a 8.8% annualized yield on the September 30, 2016 NAV per share of $13.20 and an 10.5% annualized yield on the September 30, 2016 closing market price per share of $11.03. The monthly cash distributions will be paid to common stockholders of record as set forth in the table below:
Distributions to per Share |
Record Date |
Ex-Dividend Date |
Payment Date |
||||||
November 2016 |
$0.097 |
November 22, 2016 |
November 18, 2016 |
December 2, 2016 |
|||||
December 2016 |
$0.097 |
December 23, 2016 |
December 21, 2016 |
January 5, 2017 |
|||||
January 2017 |
$0.097 |
January 23, 2017 |
January 19, 2017 |
February 2, 2017 |
Since its January 2014 IPO, the Company has declared a total of $34.5 million in cash distributions to stockholders, or $3.45 per share.
ACSF's Board of Directors considers estimated taxable income, GAAP income and economic performance when determining distributions to stockholders. Actual taxable income may differ from GAAP income due to temporary and permanent differences in income and expense recognition and changes in unrealized appreciation and depreciation on investments. The Company currently expects distributions to stockholders for 2016 to be from ordinary taxable income. The specific tax characteristics will be reported to stockholders on Form 1099 after the end of the calendar year. For additional detail, please visit the Company's website at www.ACSF.com.
AMERICAN CAPITAL SENIOR FLOATING, LTD. |
||||||||||||||||||||
September 30, 2016 |
June 30, 2016 |
March 31, 2016 |
December 31, 2015 |
September 30, 2015 (unaudited) |
||||||||||||||||
Assets: |
||||||||||||||||||||
Investments, fair value |
$ |
231,006 |
$ |
227,417 |
$ |
216,018 |
$ |
229,056 |
$ |
257,732 |
||||||||||
Cash and cash equivalents |
4,724 |
3,181 |
2,607 |
2,474 |
2,247 |
|||||||||||||||
Receivable for investments sold |
4,975 |
3,675 |
— |
3,096 |
2,007 |
|||||||||||||||
Other assets |
1,275 |
1,605 |
1,420 |
1,179 |
1,227 |
|||||||||||||||
Total assets |
$ |
241,980 |
$ |
235,878 |
$ |
220,045 |
$ |
235,805 |
$ |
263,213 |
||||||||||
Liabilities: |
||||||||||||||||||||
Credit facility payable |
$ |
100,000 |
$ |
97,100 |
$ |
98,800 |
$ |
110,200 |
$ |
124,800 |
||||||||||
Payable for investments |
7,043 |
11,872 |
2,150 |
5,437 |
995 |
|||||||||||||||
Distributions to stockholders |
970 |
970 |
970 |
970 |
970 |
|||||||||||||||
Management fee payable |
1,520 |
1,008 |
497 |
536 |
558 |
|||||||||||||||
Other liabilities |
463 |
383 |
441 |
733 |
634 |
|||||||||||||||
Total liabilities |
109,996 |
111,333 |
102,858 |
117,876 |
127,957 |
|||||||||||||||
Net Assets: |
||||||||||||||||||||
Common stock, par value $0.01 |
100 |
100 |
100 |
100 |
100 |
|||||||||||||||
Paid-in capital in excess of par |
150,903 |
150,903 |
150,903 |
150,903 |
151,131 |
|||||||||||||||
Undistributed net investment |
1,784 |
1,586 |
1,528 |
1,560 |
1,037 |
|||||||||||||||
Accumulated net realized loss |
(3,268) |
(3,114) |
(2,705) |
(1,815) |
(986) |
|||||||||||||||
Net unrealized depreciation on |
(17,535) |
(24,930) |
(32,639) |
(32,819) |
(16,026) |
|||||||||||||||
Total net assets |
131,984 |
124,545 |
117,187 |
117,929 |
135,256 |
|||||||||||||||
Total liabilities and net |
$ |
241,980 |
$ |
235,878 |
$ |
220,045 |
$ |
235,805 |
$ |
263,213 |
||||||||||
Net asset value per share |
$ |
13.20 |
$ |
12.45 |
$ |
11.72 |
$ |
11.79 |
$ |
13.53 |
AMERICAN CAPITAL SENIOR FLOATING, LTD. |
||||||||||||||||||||
Three Months Ended |
||||||||||||||||||||
September 30, |
June 30, |
March 31, |
December 31, 2015 |
September 30, |
||||||||||||||||
Investment income: |
||||||||||||||||||||
Interest |
$ |
4,589 |
$ |
4,272 |
$ |
4,345 |
$ |
4,636 |
$ |
4,987 |
||||||||||
Total investment income |
4,589 |
4,272 |
4,345 |
4,636 |
4,987 |
|||||||||||||||
Expenses: |
||||||||||||||||||||
Interest and other debt related costs |
665 |
640 |
664 |
690 |
766 |
|||||||||||||||
Management fee |
512 |
511 |
497 |
536 |
558 |
|||||||||||||||
Other operating expenses |
564 |
733 |
517 |
510 |
479 |
|||||||||||||||
Total expenses |
1,741 |
1,884 |
1,678 |
1,736 |
1,803 |
|||||||||||||||
Expense waiver |
(283) |
(455) |
(238) |
(234) |
(193) |
|||||||||||||||
Net expenses |
1,458 |
1,429 |
1,440 |
1,502 |
1,610 |
|||||||||||||||
Net investment income before |
3,131 |
2,843 |
2,905 |
3,134 |
3,377 |
|||||||||||||||
Income tax (provision) benefit |
(23) |
125 |
(27) |
(68) |
(33) |
|||||||||||||||
Net investment income |
3,108 |
2,968 |
2,878 |
3,066 |
3,344 |
|||||||||||||||
Net realized and unrealized gain |
||||||||||||||||||||
Net realized (loss) gain on investments |
(154) |
(409) |
(890) |
(690) |
(5) |
|||||||||||||||
Net unrealized appreciation |
7,395 |
7,709 |
180 |
(16,793) |
(10,537) |
|||||||||||||||
Net realized and unrealized |
7,241 |
7,300 |
(710) |
(17,483) |
(10,542) |
|||||||||||||||
Net increase (decrease) in net assets resulting from operations ("Net Earnings (Loss)") |
$ |
10,349 |
$ |
10,268 |
$ |
2,168 |
$ |
(14,417) |
$ |
(7,198) |
||||||||||
Net investment income per share |
$ |
0.31 |
$ |
0.30 |
$ |
0.29 |
$ |
0.31 |
$ |
0.33 |
||||||||||
Net Earnings (Loss) per share |
$ |
1.03 |
$ |
1.03 |
$ |
0.22 |
$ |
(1.44) |
$ |
(0.72) |
||||||||||
Distributions to stockholders per |
$ |
0.29 |
$ |
0.29 |
$ |
0.29 |
$ |
0.29 |
$ |
0.29 |
||||||||||
Weighted average shares |
10,000 |
10,000 |
10,000 |
10,000 |
10,000 |
AMERICAN CAPITAL SENIOR FLOATING, LTD. |
|||||||||||||||||||
As of |
|||||||||||||||||||
September 30, 2016 |
June 30, 2016 |
March 31, 2016 |
December 31, 2015 |
September 30, 2015 |
|||||||||||||||
Investment Portfolio at FV |
|||||||||||||||||||
First Lien Floating Rate Loans |
$ |
175,744 |
$ |
173,898 |
$ |
164,186 |
$ |
169,580 |
$ |
186,950 |
|||||||||
Second Lien Floating Rate Loans |
16,399 |
16,463 |
17,868 |
22,575 |
25,510 |
||||||||||||||
Total Loan Portfolio |
192,143 |
190,361 |
182,054 |
192,155 |
212,460 |
||||||||||||||
CLO Equity |
38,856 |
37,021 |
33,817 |
36,854 |
45,272 |
||||||||||||||
Common Equity |
7 |
35 |
147 |
47 |
n/a |
||||||||||||||
Total Investment Portfolio at FV |
$ |
231,006 |
$ |
227,417 |
$ |
216,018 |
$ |
229,056 |
$ |
257,732 |
|||||||||
Investment Portfolio at Cost |
|||||||||||||||||||
First Lien Floating Rate Loans |
$ |
178,510 |
$ |
180,259 |
$ |
172,965 |
$ |
181,367 |
$ |
191,863 |
|||||||||
Second Lien Floating Rate Loans |
17,773 |
18,375 |
20,543 |
24,910 |
26,821 |
||||||||||||||
Total Loan Portfolio |
196,283 |
198,634 |
193,508 |
206,277 |
218,684 |
||||||||||||||
CLO Equity |
52,258 |
53,713 |
55,149 |
55,599 |
55,074 |
||||||||||||||
Common Equity |
— |
— |
— |
— |
n/a |
||||||||||||||
Total Investment Portfolio at Cost |
$ |
248,541 |
$ |
252,347 |
$ |
248,657 |
$ |
261,876 |
$ |
273,758 |
|||||||||
Asset Yield at Cost |
|||||||||||||||||||
First Lien Floating Rate Loans |
5.13 |
% |
5.06 |
% |
5.11 |
% |
5.03 |
% |
4.90 |
% |
|||||||||
Second Lien Floating Rate Loans |
8.21 |
% |
8.27 |
% |
8.02 |
% |
7.90 |
% |
7.85 |
% |
|||||||||
Total Loan Portfolio |
5.41 |
% |
5.35 |
% |
5.42 |
% |
5.38 |
% |
5.26 |
% |
|||||||||
CLO Equity |
9.45 |
% |
11.16 |
% |
9.85 |
% |
10.04 |
% |
12.95 |
% |
|||||||||
Total Investment Portfolio |
6.26 |
% |
6.59 |
% |
6.40 |
% |
6.37 |
% |
6.81 |
% |
|||||||||
Quarterly Investment Activity |
|||||||||||||||||||
Investment Purchases |
$ |
18,216 |
$ |
32,138 |
$ |
8,995 |
$ |
17,984 |
$ |
13,913 |
|||||||||
Investment Sales |
$ |
(12,082) |
$ |
(14,154) |
$ |
(8,415) |
$ |
(11,641) |
$ |
(7,954) |
|||||||||
Investment Repayments (1) |
$ |
(11,768) |
$ |
(15,608) |
$ |
(14,624) |
$ |
(19,330) |
$ |
(11,889) |
|||||||||
Loan Portfolio Statistics |
|||||||||||||||||||
Number of Obligors |
140 |
134 |
128 |
128 |
127 |
||||||||||||||
Number of Industries |
46 |
46 |
46 |
46 |
46 |
||||||||||||||
Largest Exposure as a % of Total Portfolio at FV |
1.5 |
% |
2.0 |
% |
1.6 |
% |
1.5 |
% |
1.4 |
% |
|||||||||
Average Exposure as a % of Total Portfolio at FV |
0.6 |
% |
0.6 |
% |
0.7 |
% |
0.7 |
% |
0.6 |
% |
|||||||||
% with LIBOR Floor |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
100.0 |
% |
|||||||||
Weighted-average LIBOR Floor |
1.0 |
% |
1.0 |
% |
1.0 |
% |
1.0 |
% |
1.0 |
% |
|||||||||
CLO Portfolio Statistics |
|||||||||||||||||||
Number of Issuers |
22 |
22 |
22 |
20 |
19 |
||||||||||||||
CLO Managers |
16 |
16 |
16 |
15 |
14 |
||||||||||||||
Largest Exposure as a % of Total Portfolio at FV |
1.5 |
% |
1.4 |
% |
1.4 |
% |
1.5 |
% |
1.6 |
% |
|||||||||
Average Exposure as a % of Total Portfolio at FV |
0.8 |
% |
0.7 |
% |
0.7 |
% |
0.8 |
% |
0.9 |
% |
|||||||||
Minimum % of Collateral in First Lien Loans (2) |
90.9 |
% |
90.9 |
% |
90.8 |
% |
91.0 |
% |
91.0 |
% |
|||||||||
Cumulative Cash Receipts as a % of Original Cost (3) |
48.1 |
% |
43.7 |
% |
39.2 |
% |
34.9 |
% |
31.1 |
% |
|||||||||
Liquidity and Capital Resources |
|||||||||||||||||||
Debt |
|||||||||||||||||||
Amount Available on Credit Facility |
$ |
135,000 |
$ |
135,000 |
$ |
135,000 |
$ |
135,000 |
$ |
140,000 |
|||||||||
Amount Drawn on Credit Facility |
$ |
100,000 |
$ |
97,100 |
$ |
98,800 |
$ |
110,200 |
$ |
124,800 |
|||||||||
Interest Rate on Debt as of Period-end |
2.27 |
% |
2.23 |
% |
2.21 |
% |
2.02 |
% |
2.00 |
% |
|||||||||
Cost of Funds as of Period-end (4) |
2.68 |
% |
2.65 |
% |
2.60 |
% |
2.32 |
% |
2.41 |
% |
|||||||||
Equity |
|||||||||||||||||||
NAV |
$ |
131,984 |
$ |
124,545 |
$ |
117,187 |
$ |
117,929 |
$ |
135,256 |
|||||||||
NAV Per Share |
$ |
13.20 |
$ |
12.45 |
$ |
11.72 |
$ |
11.79 |
$ |
13.53 |
|||||||||
Debt to Equity Ratio |
0.76x |
0.78x |
0.84x |
0.93x |
0.92x |
||||||||||||||
Quarterly Cash Distributions to Stockholders Per Share |
$ |
0.291 |
$ |
0.291 |
$ |
0.291 |
$ |
0.291 |
$ |
0.291 |
|||||||||
Economic Return (5) |
33.1 |
% |
35.2 |
% |
7.4 |
% |
(10.2%) |
(19.6%) |
(1) |
Investment repayments include the distributions received from CLO equity investments. |
(2) |
Represents the weighted-average minimum percent of assets as allowed by each CLO's indenture to be invested in first lien loans. Actual amounts invested in first lien loans may be higher. |
(3) |
Original cost included only for CLOs that have begun to make quarterly distributions to ACSF and are held at each period-end reporting date. The average holding period (in years) for the CLOs that have begun to make quarterly distributions is 2.5 as of September 30, 2016, 2.0 as of June 30, 2016, 1.8 as of March 31, 2016, 1.6 as of December 31, 2015 and 1.4 as of September 30, 2015. |
(4) |
Cost of funds includes interest cost, amortization of upfront fees and unfunded commitment fees. |
(5) |
Economic return defined as the distributions to stockholders paid in the quarter, plus the change in NAV per share for the quarter, over the starting NAV per share. Quarterly returns have been annualized and are unaudited. |
STOCKHOLDER CALL
There is no scheduled earnings call to discuss the third quarter 2016 results. A slide presentation will be posted and available at www.ACSF.com.
For further information, please contact Investor Relations at (301) 968-9310 or [email protected].
ABOUT AMERICAN CAPITAL SENIOR FLOATING, LTD.
American Capital Senior Floating, Ltd. (NASDAQ: ACSF) is a non-diversified closed-end investment management company that invests primarily in senior first lien and second lien floating rate loans to large-market U.S. based companies ("Senior Floating Rate Loans") and in debt and equity tranches of collateralized loan obligations collateralized by Senior Floating Rate Loans. The Company has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. The Company is externally managed by American Capital ACSF Management, LLC, an indirect subsidiary of American Capital Asset Management, LLC, a wholly-owned portfolio company of American Capital, Ltd. For further information, please refer to www.ACSF.com.
ABOUT AMERICAN CAPITAL, LTD.
American Capital, Ltd. (NASDAQ: ACAS) is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance and structured products. American Capital manages $10 billion of assets, including assets on its balance sheet and fee earning assets under management by affiliated managers. Through a wholly-owned affiliate, American Capital manages publicly traded American Capital Senior Floating, Ltd. (NASDAQ: ACSF) with $132 million of total net book value. American Capital and its affiliates operate out of six offices in the U.S. and Europe. For further information, please refer to www.americancapital.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking information and statements. Forward-looking statements give the Company's current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements are not guarantees of performance or results, and involve known and unknown risks, uncertainties (some of which are beyond the Company's control), assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Should one or more of these risks or uncertainties materialize, the Company's actual results may vary in material respects from those projected in any forward-looking statements. A detailed discussion of these and other factors that may affect future results is contained in our filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by the Company in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
CONTACT:
Investors - (301) 968-9310
Media - (301) 968-9400
SOURCE American Capital Senior Floating, Ltd.
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