CHARLOTTE, N.C., April 17, 2015 /PRNewswire/ -- The Board of Trustees of Babson Capital Participation Investors (the "Trust") met on April 17, 2015. The Trust also conducted its 2015 Annual Meeting of Shareholders.
The Trust's Trustees determined that the Trust's March 31, 2015 net asset value ("NAV") is $143,704,328 or $13.93 per share based on 10,314,898 shares outstanding. The Trust's March 31, 2014 NAV was $135,394,699 or $13.20 per share based on 10,259,379 shares outstanding. The Trust reported a NAV of $137,568,919 or $13.35 per share as of December 31, 2014, based on 10,301,085 shares outstanding. All figures other than December 31, 2014 figures are unaudited.
The Trust's net investment income for the quarter ended March 31, 2015 was $2,707,753 or $0.24 per share, of which approximately $351,190 or $0.03 per share represented income due to nonrecurring items, compared to $2,505,401 or $0.24 per share for the corresponding quarter last year. For the previous quarter ended December 31, 2014, net investment income was $10,597,214 or $1.03 per share.
The Trust declared a quarterly dividend of 27 cents per share payable on May 15, 2015 to shareholders of record on May 1, 2015. The Trust had previously paid a 27 cent-per-share dividend for the preceding quarter. The Board of Trustees also approved the continuance of the Trust's current Investment Advisory and Administrative Services Contract with Babson Capital Management LLC.
During the quarter ended March 31, 2015 net capital gains of $1,623,253 or $0.16 per share were realized by the Trust, compared to net capital gains of $440,339 or $0.04 per share for the quarter ended March 31, 2014. For the previous quarter ended December 31, 2014, net capital gains were $2,411,567 or $0.23 per share.
At the Annual Meeting, shareholders elected William J. Barrett and Clifford M. Noreen as Trustees for three-year terms.
The market price of Babson Capital Participation Investors as of March 31, 2015 was $12.13, which equates to a 12.92% discount to the March 31, 2015 NAV per share. The Trust's average quarter-end premium for the 3, 5 and 10-year periods was 7.15%, 11.59% and 8.88%, respectively.
Babson Capital Participation Investors is a closed-end management investment company advised by Babson Capital Management LLC. Its shares are traded on the New York Stock Exchange under the trading symbol ("MPV").
Per share amounts are rounded to the nearest cent.
Cautionary Notice: Certain statements contained in this press release may be "forward looking" statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made and which reflect management's current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the fund's trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the fund's current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.
About Babson Capital Management
Babson Capital Management LLC (Babson) is a leading global asset management firm with over $217 billion in assets under management as of March 31, 2015. Through proprietary research, analysis and a focus on investment fundamentals, the firm and its global affiliates develop products and strategies that leverage its broad expertise in global fixed income, structured products, middle market finance, commercial real estate, alternatives and equities. A member of the MassMutual Financial Group, Babson maintains a strong global footprint with operations on four continents and clients in over 20 countries. Learn more at www.babsoncapital.com.
Brian Whelan, Babson Capital Management, 704.805.7244, [email protected];
SOURCE Babson Capital Management LLC