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SLRC

Solar Capital

$21.55

0.06 (0.28%)

16:41
08/06/18
08/06
16:41
08/06/18
16:41

Solar Capital board approves reduced asset coverage requirement

Solar Capital announced that effective August 2, 2018, its Board of Directors including all Independent Directors, and based on the recommendation of its investment advisor, Solar Capital Partners, approved the reduction in the asset coverage requirement under of the Investment Company Act of 1940 as allowed under the Small Business Credit Availability Act. As a result, effective August 2, 2019, the Company's asset coverage requirements will be reduced from 200% to 150%. The Company will target a range of 0.90x to 1.25x debt-to-equity, operating at a substantial cushion to the regulatory limit.In order to potentially accelerate the adoption, the Board authorized the submission of a proposal for voting shareholders to approve the application of the modified asset coverage requirements set forth in revised Section 61 of the Investment Company Act of 1940, as modified by the SBCAA. If the Company's voting shareholders approve the proposal by the required majority of votes at its 2018 Annual Meeting of Shareholders, the 150% asset coverage ratio will become effective on the day after such approval. Solar Capital's Board approved the reduction of the asset coverage requirement following the Company's analysis of how the increased leverage flexibility could affect the Company's strategic priorities and positive long-term value creation for shareholders, as well as an assessment of the associated risks and how they can be managed or mitigated. Importantly, the Board also approved an amendment to the Investment Advisory Agreement reducing the Investment Advisor's annual base management fee to 1.00% on assets financed using leverage over 1.0x debt-to-equity.

SLRC Solar Capital
$21.55

0.06 (0.28%)

11/06/17
LTCO
11/06/17
UPGRADE
Target $23
LTCO
Buy
Solar Capital upgraded to Buy from Neutral at Ladenburg
Ladenburg analyst Mickey Schleien upgraded Solar Capital to Buy from Neutral, noting that the company's guidance implies an improvement in NII yield to about 8%. He set a $23 price target on Solar Capital shares.
01/12/18
KBWI
01/12/18
UPGRADE
Target $23
KBWI
Outperform
Solar Capital upgraded to Outperform from Market Perform at Keefe Bruyette
Keefe Bruyette analyst Ryan Lynch upgraded Solar Capital to Outperform with a $23 price target.
01/16/18
JMPS
01/16/18
UPGRADE
Target $23
JMPS
Outperform
Solar Capital upgraded to Outperform from Market Perform at JMP Securities
JMP Securities analyst Christopher York upgraded Solar Capital to Outperform from Market Perform, as he believes the market is underappreciating the broad commercial origination franchise and sees the company in the best position in more than four years for growth. York set a $23 price target on Solar Capital shares.

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BA

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GLD

SPDR Gold Shares

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0.29 (0.23%)

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Onex

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DZSI

DASAN Zhone

$12.10

-0.12 (-0.98%)

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REPH

Recro Pharma

$9.73

0.1 (1.04%)

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DZSI

DASAN Zhone

$12.10

-0.12 (-0.98%)

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    May

DJX

Dow Jones Industrial Average

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(0.00%)

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S&P 500

$0.00

(0.00%)

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Dow Jones Industrial Average

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SPDR S&P 500 ETF Trust

$279.37

-5.26 (-1.85%)

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CATS

Catasys

$13.19

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U.S. Well Services

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ADIL

Adial Pharmaceuticals

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STNG

Scorpio Tankers

$18.85

-0.66 (-3.38%)

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NAVB

Navidea

$0.14

-0.0001 (-0.07%)

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Dow Jones Industrial Average

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S&P 500

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SPY

SPDR S&P 500 ETF Trust

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-5.26 (-1.85%)

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BA

Boeing

$362.49

-10.2 (-2.74%)

, NOC

Northrop Grumman

$268.29

-4.01 (-1.47%)

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BA

Boeing

$362.49

-10.2 (-2.74%)

NOC

Northrop Grumman

$268.29

-4.01 (-1.47%)

RTN

Raytheon

$179.98

-1.94 (-1.07%)

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AAPL

Apple

$190.97

-4.1 (-2.10%)

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  • 25

    Mar

RIVE

Riverview Financial

$11.20

(0.00%)

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RIVE

Riverview Financial

$11.20

(0.00%)

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Breaking Syndicate news story on Riverview Financial »

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