Declares a $0.34 Per Share Distribution
Net investment income of $0.38 per share increased 25% year over
year
CHICAGO--(BUSINESS WIRE)--
OFS Capital Corporation (NASDAQ:OFS) ("OFS Capital", "we", "us", or
"our") today announced its financial results for the fiscal quarter
ended September 30, 2015.
THIRD QUARTER FINANCIAL HIGHLIGHTS
-
Net investment income of $3.6 million, or $0.38 per share—an increase
of 25% year-over-year, and $0.04 above the $0.34 distribution.
-
Originations were $31.9 million in the quarter compared to $25.4
million in the previous quarter.
-
The weighted average yield of the loan portfolio increased to
11.82%—up 32 basis points from the previous quarter.
-
The weighted average interest rate on the SBA debentures as of
September 30, 2015 was 3.18%—100% of debt is fixed rate through SBIC
financing with the first maturity in 2022.
-
Non-accruals represented less than 1% of fair value of total assets,
and OFS had no investments in the oil and gas sector.
-
OFS Capital's Board of Directors declared a distribution of $0.34 per
share for the fourth quarter of 2015, payable on December 31, 2015 to
shareholders of record as of December 17, 2015.
"Our direct origination capabilities combined with very attractive
long-term financing through the SBIC program has led to continued growth
in our earnings," said Bilal Rashid, OFS Capital's Chairman and Chief
Executive Officer. "We believe that we are well positioned to continue
to originate quality loans and maintain our dividend given the $42
million in cash we had at quarter-end, the ability to monetize our
remaining portfolio of lower-yielding loans, and the significant
capacity to borrow additional capital. Since 100% of our financing is
fixed rate and long-term and the majority of our assets are floating
rate, we believe that OFS Capital is well positioned to benefit from
rising interest rates. Considering that our external manager owns more
than 30% of outstanding shares, its interests are aligned with those of
our shareholders to protect shareholder capital while maximizing
returns."
HIGHLIGHTS
($ in
millions, except for per share data)
|
|
|
|
Portfolio Overview
|
|
|
As of September 30, 2015
|
Total assets
|
|
|
$296.5 |
Investment portfolio, at fair value
|
|
|
$247.2 |
Net assets
|
|
|
$140.1 |
Net asset value per share
|
|
|
$14.46 |
Weighted average yield on debt investments (at fair value)
|
|
|
11.82%
|
|
|
|
|
Operating Results
|
|
Quarter ended September 30,
|
|
2015
|
2014
|
Total investment income
|
|
$7.7 |
$6.2 |
Net investment income
|
|
$3.6 |
$2.9 |
Net investment income per common share, basic and diluted
|
|
$0.38 |
$0.30 |
Net increase in net assets resulting from operations
|
|
$1.4 |
$3.8 |
|
|
|
|
|
|
|
|
Portfolio Activity
|
|
Quarter ended September 30,
|
|
2015
|
2014
|
Number of new investments
|
|
6
|
6
|
Investments in new portfolio companies
|
|
$5.0 |
$54.7 |
Investments in existing portfolio companies
|
|
$26.9 |
$12.8 |
Number of portfolio companies at end of period
|
|
39
|
57
|
|
|
|
|
PORTFOLIO AND INVESTMENT ACTIVITIES
During the third quarter of 2015, OFS Capital closed new investments in
six portfolio companies totaling approximately $31.9 million.
Specifically, OFS SBIC I, LP ("SBIC I LP"), our wholly owned subsidiary,
made new investments with four existing portfolio companies totaling
$26.9 million, consisting of $14.9 million of senior secured debt
investments and $12.0 million of subordinated debt investments. In
addition, OFS Capital made two new senior secured debt investments of
$5.0 million during the third quarter of 2015.
The total fair value of OFS Capital's investment portfolio was
approximately $247.2 million at September 30, 2015, which was equal to
100.0% of cost. The portfolio consisted of outstanding loans to 38
portfolio companies, totaling approximately $230.1 million in aggregate
principal amount (with aggregate fair value of $222.6 million) as of
September 30, 2015 (including SBIC I LP's $191.8 million in loans to 25
portfolio companies with an aggregate fair value of $189.0 million). At
September 30, 2015, SBIC I LP also held equity investments with an
aggregate fair value of $24.6 million. Of this $24.6 million, $23.2
million was invested in 15 portfolio companies in which SBIC I LP also
held debt investments and $1.4 million was invested in one portfolio
company in which SBIC I LP solely held an equity investment.
As of September 30, 2015, floating rate loans comprised 56% of OFS
Capital's debt investment portfolio, with the remaining 44% in fixed
rate loans, as a percentage of fair value. As of September 30, 2015, 61%
of OFS Capital's investment portfolio at fair value was comprised of
senior secured loans, 29% of subordinated loans, and 10% of equity
investments. The weighted average yield on debt investments was 11.82%
at September 30, 2015. OFS Capital had unfunded commitments of $4.6
million in four portfolio companies at quarter's end.
RESULTS OF OPERATIONS
Investment income
Total investment income increased by approximately $1.5 million, or 24%,
for the three months ended September 30, 2015 as compared to the three
months ended September 30, 2014. The $1.5 million increase in total
investment income was due to an increase in interest, dividend, and fee
income. The increase in interest income was primarily attributable to a
significant increase in debt investments originated by SBIC I LP ("SBIC
I LP Investments") since September 30, 2014, which typically have a
higher yield than the debt investments held by OFS Capital WM, LLC ("OFS
Capital WM"), our wholly owned subsidiary ("OFS Capital WM
Investments"). The increase in dividend income was primarily
attributable to an increase in recognized dividend income contractually
earned but not declared on certain of our preferred equity investments
held by SBIC I LP during the three months ended September 30, 2015. The
increase in fee income was attributable to an increase in fee income
recognized by SBIC I LP in connection with certain of its debt
investments. The increase in total investment income from SBIC I LP
Investments was offset by a decrease in interest income from OFS Capital
WM Investments due to a decrease in OFS Capital WM Investments since the
quarter ended September 30, 2014, including our sale of a significant
portion of the OFS Capital WM Investments to Madison Capital Funding LLC
on May 28, 2015 (the "WM Asset Sale").
Interest Income:
For the three months ended September 30, 2015, we generated total
interest income from non-control/non-affiliate investments of
approximately $5.4 million, of which approximately $4.9 million was
generated by SBIC I LP Investments and approximately $0.5 million by OFS
Capital WM Investments. For the three months ended September 30, 2014,
interest income from non-control/non-affiliate investments was
approximately $4.4 million, of which approximately $1.7 million was
generated by SBIC I LP Investments and $2.7 million by OFS Capital WM
Investments. The increase in interest income from
non-control/non-affiliate investments generated by SBIC I LP Investments
of approximately $3.2 million was attributable to an increase in debt
investments originated by SBIC I LP since the quarter ended September
30, 2014. The decrease in interest income from non-control/non-affiliate
investments generated by OFS Capital WM Investments of approximately
$2.2 million was primarily due to the decrease in OFS Capital WM
Investments since the quarter ended September 30, 2014.
SBIC I LP holds all of our affiliate investments. For the three months
ended September 30, 2015 and 2014, SBIC I LP generated total interest
income from affiliate investments of approximately $1.3 million and $0.9
million, respectively. The increase in total interest income from
affiliate investments of approximately $0.4 million was primarily due to
an increase in debt investments originated by SBIC I LP since the
quarter ended September 30, 2014.
SBIC I LP held our only control investment in Tangible Software, Inc.
("Tangible") until December 17, 2014, when the Tangible investment was
restructured. The post-restructured debt investment was categorized as
an affiliate investment. For the three months ended September 30, 2014,
SBIC I LP generated total interest income from its control investment in
the amount of approximately $0.3 million.
Dividend Income:
During the three months ended September 30, 2015 and 2014, SBIC I LP
generated dividend income of approximately $0.6 million and $0.3
million, respectively. The increase of approximately $0.3 million was
primarily due to an increase in recognized dividend income contractually
earned but not declared on certain of our preferred equity investments
held by SBIC I LP during the three months ended September 30, 2015.
Fee Income:
During the three months ended September 30, 2015 and 2014, SBIC I LP
generated fee income of approximately $0.4 million and $0.3 million,
respectively. The increase of approximately $0.1 million was primarily
due to an increase in fee income recognized by SBIC I LP in connection
with certain of its debt investments.
Total expenses
Total expenses increased by approximately $0.8 million, or 23%, for the
three months ended September 30, 2015 as compared to the three months
ended September 30, 2014.
Interest expense increased by approximately $0.1 million for the three
months ended September 30, 2015, compared to the three months ended
September 30, 2014, due to an increase of approximately $0.9 million in
interest expense incurred on our SBA debentures, which increased
substantially at September 30, 2015 compared with the debenture balance
at September 30, 2014, offset by a 2015 decrease of approximately $0.8
million in interest expense on OFS Capital WM's credit facility (the "WM
Credit Facility"), due to termination of the facility on May 28, 2015.
Amortization and write-off of deferred financing closing costs decreased
by approximately $0.1 million for the three months ended September 30,
2015, compared to the three months ended September 30, 2014. We
amortized approximately $0.1 million of deferred financing closing costs
in connection with our SBA debentures for the three months ended
September 30, 2015, and approximately $0.2 million of deferred financing
closing costs primarily in connection with the WM Credit Facility for
the three months ended September 30, 2014.
Management fee expense totaled approximately $1.1 million and $0.5
million for the three months ended September 30, 2015 and 2014,
respectively. The increase of approximately $0.6 million was due to an
increase of approximately $0.8 million of base management fee expense we
incurred to OFS Advisor offset by a decrease of approximately $0.2
million of loan management fee charged by Madison Capital Management,
LLC ("MCF"). The increase in the base management fee expense we incurred
to OFS Advisor was primarily due to the reset of our base management fee
to 0.4375% per quarter effective January 1, 2015 as compared with
0.145833% effective April 1, 2014. The decrease in the loan management
fee charged by MCF was due to the elimination of the loan management fee
as a result of the termination of OFS Capital WM's Loan and Security
Agreement with Wells Fargo Securities, LLC and MCF on May 28, 2015.
Incentive fee expense totaled approximately $0.9 million and $0.7
million for the three months ended September 30, 2015 and 2014,
respectively. The increase of approximately $0.2 million was a result of
an increase in our pre-incentive fee net investment income for the
quarter ended September 30, 2015, as compared with the quarter ended
September 30, 2014.
Net realized and unrealized gain (loss) on investments
For the three months ended September 30, 2015, we recorded net realized
gain on non-control/non affiliate investments of approximately $0.3
million, primarily related to the sale of an equity investment.
For the three months ended September 30, 2015, we recorded net change in
unrealized appreciation/depreciation on non-control/non-affiliate
investments of approximately $(2.1) million, consisting of approximately
$(1.7) million on debt investments held by SBIC I LP, and $(0.4) million
on debt investments held by OFS Capital WM (primarily attributable to
one of its non-accrual loans which existed at December 31, 2014 and
September 30, 2015 and subsequently settled in October 2015). In
addition, for the three months ended September 30, 2015, we recorded net
change in unrealized appreciation/depreciation on affiliate investments
of approximately $(0.3) million on debt and equity investments held by
SBIC I LP.
For the three months ended September 30, 2014, we recorded approximately
$0.4 million of net change in unrealized depreciation on
non-control/non-affiliate investments, consisting of approximately $0.5
million of net change in unrealized depreciation on
non-control/non-affiliate investments held by OFS Capital WM, and
approximately $(0.1) million of net change in unrealized depreciation on
non-control/non-affiliate investments held by SBIC I LP. In addition,
for the three months ended September 30, 2014, we recorded approximately
$1.0 million of net change in unrealized appreciation on affiliate
investments held by SBIC I LP, as well as approximately $(0.5) million
of net change in unrealized depreciation on a control investment held by
SBIC I LP (Tangible).
LIQUIDITY AND CAPITAL RESOURCES
At September 30, 2015 and December 31, 2014, we had cash and cash
equivalents of $41.5 million and $12.4 million, respectively. During the
nine months ended September 30, 2015, we had net cash provided by
operating activities of $89.1 million, primarily due to cash collections
of $97.7 million from sale of our portfolio investments, including $7.2
million of cash collection from an investment we sold in December 2014,
$67.3 million from the WM Asset Sale, and $4.4 million from the sale or
redemption of our equity interests in four portfolio companies, $61.9
million of cash we received from principal payments on our portfolio
investments, as well as our $12.1 million net increase in net assets
resulting from operations. These cash receipts were offset by $78.6
million of cash we used to purchase portfolio investments.
Net cash used in financing activities was $(60.0) million for the nine
months ended September 30, 2015, primarily attributable to $22.6 million
of draws from our SBA debentures (net of the fees), offset by the $72.6
million of net repayments on the WM Credit Facility which was paid in
full and retired on May 28, 2015 and $9.4 million of cash we paid in
dividends and distributions.
We intend to generate additional cash flows from our operations, future
offerings of securities, and future borrowings. Our primary uses of
funds are investments in debt and equity investments, interest payments
on indebtedness, payment of other expenses, and cash distributions to
our shareholders.
CONFERENCE CALL
OFS Capital will host a conference call to discuss these results on
Friday, November 6, 2015 at 11:00 AM Eastern Time. Interested parties
may participate in the call via the following:
INTERNET: Log on to www.ofscapital.com
at least 15 minutes prior to the start time of the call to register,
download, and install any necessary audio software. A replay will be
available for 90 days on the Company's website at www.ofscapital.com.
TELEPHONE: Dial (877) 510-7674 (Domestic) or (412) 902-4139
(International) approximately 15 minutes prior to the call. A telephone
replay of the conference call will be available through November 16,
2015 at 9:00 AM Eastern Time and may be accessed by calling (877)
344-7529 (Domestic) or (412) 317-0088 (International) and utilizing
conference ID # 10075434.
For more detailed discussion of the financial and other information
included in this press release, please refer to OFS Capital's Form 10-Q
for the quarter ended September 30, 2015, which is to be filed with the
Securities and Exchange Commission.
|
|
|
|
|
|
|
OFS Capital Corporation and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Balance Sheets (unaudited)
|
|
|
|
|
|
|
(Dollar amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
September 30, 2015
|
|
|
December 31, 2014
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
Investments, at fair value
|
|
|
|
|
|
|
Non-control/non-affiliate investments (cost of $192,464 and
$258,004, respectively)
|
|
|
$
|
188,884
|
|
|
|
$
|
254,666
|
|
Affiliate investments (cost of $54,843 and $55,569, respectively)
|
|
|
|
58,336
|
|
|
|
|
57,568
|
|
Total investments at fair value
|
|
|
|
247,220
|
|
|
|
|
312,234
|
|
Cash and cash equivalents
|
|
|
|
41,508
|
|
|
|
|
12,447
|
|
Interest receivable
|
|
|
|
602
|
|
|
|
|
676
|
|
Receivable from investment sold
|
|
|
|
-
|
|
|
|
|
7,223
|
|
Prepaid expenses and other assets
|
|
|
|
378
|
|
|
|
|
556
|
|
Intangible asset, net of accumulated amortization of $356 and $209,
respectively
|
|
|
|
2,144
|
|
|
|
|
2,291
|
|
Goodwill |
|
|
|
1,077
|
|
|
|
|
1,077
|
|
Deferred financing closing costs, net of accumulated amortization of
$315 and $2,540, respectively
|
|
|
|
3,525
|
|
|
|
|
4,972
|
|
Total assets
|
|
|
$
|
296,454
|
|
|
|
$
|
341,476
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
Accrued professional fees
|
|
|
$
|
433
|
|
|
|
$
|
462
|
|
Interest payable
|
|
|
|
348
|
|
|
|
|
1,315
|
|
Management and incentive fees payable
|
|
|
|
2,028
|
|
|
|
|
1,229
|
|
Administration fee payable
|
|
|
|
281
|
|
|
|
|
273
|
|
Payable for investment purchased
|
|
|
|
2,970
|
|
|
|
|
-
|
|
Other payables
|
|
|
|
184
|
|
|
|
|
247
|
|
Deferred loan fee revenue
|
|
|
|
211
|
|
|
|
|
572
|
|
SBA debentures payable
|
|
|
|
149,880
|
|
|
|
|
127,295
|
|
Revolving line of credit
|
|
|
|
-
|
|
|
|
|
72,612
|
|
Total liabilities
|
|
|
|
156,335
|
|
|
|
|
204,005
|
|
|
|
|
|
|
|
|
Commitments and Contingencies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets
|
|
|
|
|
|
|
Preferred stock, par value of $0.01 per share, 2,000,000 shares
authorized,
|
|
|
|
|
|
|
0 shares issued and outstanding as of September 30, 2015 and
December 31, 2014 |
|
|
|
-
|
|
|
|
|
-
|
|
Common stock, par value of $0.01 per share, 100,000,000 shares
authorized, 9,690,129 and 9,650,834
|
|
|
|
|
|
|
shares issued and outstanding as of September 30, 2015 and December
31, 2014, respectively
|
|
|
|
97
|
|
|
|
|
97
|
|
Paid-in capital in excess of par
|
|
|
|
143,830
|
|
|
|
|
143,381
|
|
Distributions in excess of net investment income
|
|
|
|
(8,276
|
)
|
|
|
|
(7,844
|
)
|
Accumulated net realized gain (loss)
|
|
|
|
3,466
|
|
|
|
|
(844
|
)
|
Net unrealized appreciation on investments
|
|
|
|
1,002
|
|
|
|
|
2,681
|
|
Total net assets
|
|
|
|
140,119
|
|
|
|
|
137,471
|
|
|
|
|
|
|
|
|
Total liabilities and net assets
|
|
|
$
|
296,454
|
|
|
|
$
|
341,476
|
|
|
|
|
|
|
|
|
Number of shares outstanding
|
|
|
|
9,690,129
|
|
|
|
|
9,650,834
|
|
Net asset value per share
|
|
|
$
|
14.46
|
|
|
|
$
|
14.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OFS Capital Corporation and Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Operations (unaudited)
|
|
|
|
|
|
|
|
|
|
|
(Dollar amounts in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2015
|
|
2014
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
Investment income
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
|
|
Non-control/non-affiliate investments
|
|
|
$
|
5,387
|
|
|
$
|
4,420
|
|
|
|
$
|
17,319
|
|
|
$
|
11,730
|
|
Affiliate investments
|
|
|
|
1,308
|
|
|
|
896
|
|
|
|
|
4,062
|
|
|
|
2,515
|
|
Control investment
|
|
|
|
-
|
|
|
|
277
|
|
|
|
|
-
|
|
|
|
843
|
|
Total interest income
|
|
|
|
6,695
|
|
|
|
5,593
|
|
|
|
|
21,381
|
|
|
|
15,088
|
|
Dividend income
|
|
|
|
|
|
|
|
|
|
|
Non-control/non-affiliate investments
|
|
|
|
185
|
|
|
|
-
|
|
|
|
|
333
|
|
|
|
-
|
|
Affiliate investments
|
|
|
|
406
|
|
|
|
335
|
|
|
|
|
1,016
|
|
|
|
394
|
|
Total dividend income
|
|
|
|
591
|
|
|
|
335
|
|
|
|
|
1,349
|
|
|
|
394
|
|
Fee income
|
|
|
|
|
|
|
|
|
|
|
Non-control/non-affiliate investments
|
|
|
|
310
|
|
|
|
205
|
|
|
|
|
448
|
|
|
|
213
|
|
Affiliate investments
|
|
|
|
92
|
|
|
|
89
|
|
|
|
|
213
|
|
|
|
147
|
|
Control investment
|
|
|
|
-
|
|
|
|
(25
|
)
|
|
|
|
-
|
|
|
|
25
|
|
Total fee income
|
|
|
|
402
|
|
|
|
269
|
|
|
|
|
661
|
|
|
|
385
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment income
|
|
|
|
7,688
|
|
|
|
6,197
|
|
|
|
|
23,391
|
|
|
|
15,867
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
1,089
|
|
|
|
1,001
|
|
|
|
|
3,642
|
|
|
|
2,989
|
|
Amortization and write-off of deferred financing closing costs
|
|
|
|
96
|
|
|
|
167
|
|
|
|
|
2,004
|
|
|
|
469
|
|
Amortization of intangible asset
|
|
|
|
48
|
|
|
|
49
|
|
|
|
|
146
|
|
|
|
161
|
|
Management fees
|
|
|
|
1,120
|
|
|
|
543
|
|
|
|
|
4,101
|
|
|
|
2,341
|
|
Incentive fee
|
|
|
|
908
|
|
|
|
723
|
|
|
|
|
1,514
|
|
|
|
723
|
|
Professional fees
|
|
|
|
262
|
|
|
|
382
|
|
|
|
|
857
|
|
|
|
1,112
|
|
Administration fee
|
|
|
|
281
|
|
|
|
212
|
|
|
|
|
1,148
|
|
|
|
972
|
|
General and administrative expenses
|
|
|
|
254
|
|
|
|
227
|
|
|
|
|
848
|
|
|
|
708
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses
|
|
|
|
4,058
|
|
|
|
3,304
|
|
|
|
|
14,260
|
|
|
|
9,475
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
|
|
3,630
|
|
|
|
2,893
|
|
|
|
|
9,131
|
|
|
|
6,392
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
|
|
|
|
|
|
|
|
Net realized gain on non-control/non-affiliate investments
|
|
|
|
254
|
|
|
|
17
|
|
|
|
|
3,132
|
|
|
|
17
|
|
Net realized gain on affiliate investments
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
1,471
|
|
|
|
28
|
|
Net change in unrealized appreciation/depreciation on
|
|
|
|
|
|
|
|
|
|
|
non-control/non-affiliate investments
|
|
|
|
(2,115
|
)
|
|
|
427
|
|
|
|
|
(3,173
|
)
|
|
|
106
|
|
Net change in unrealized appreciation/depreciation on affiliate
investments
|
|
|
|
(348
|
)
|
|
|
964
|
|
|
|
|
1,494
|
|
|
|
1,591
|
|
Net change in unrealized depreciation on control investment
|
|
|
|
-
|
|
|
|
(466
|
)
|
|
|
|
-
|
|
|
|
(1,691
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
|
(2,209
|
)
|
|
|
942
|
|
|
|
|
2,924
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations
|
|
|
$
|
1,421
|
|
|
$
|
3,835
|
|
|
|
$
|
12,055
|
|
|
$
|
6,443
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income per common share - basic and diluted
|
|
|
$
|
0.38
|
|
|
$
|
0.30
|
|
|
|
$
|
0.94
|
|
|
$
|
0.66
|
|
Net increase in net assets resulting from operations
|
|
|
|
|
|
|
|
|
|
|
per common share - basic and diluted
|
|
|
$
|
0.15
|
|
|
$
|
0.40
|
|
|
|
$
|
1.25
|
|
|
$
|
0.67
|
|
Dividends and distributions declared per common share
|
|
|
$
|
0.34
|
|
|
$
|
0.34
|
|
|
|
$
|
1.02
|
|
|
$
|
1.02
|
|
Basic and diluted weighted average shares outstanding
|
|
|
|
9,675,930
|
|
|
|
9,635,943
|
|
|
|
|
9,663,418
|
|
|
|
9,633,214
|
|
|
|
|
|
|
|
|
|
|
|
|
ABOUT OFS CAPITAL
OFS Capital is an externally managed, closed-end, non-diversified
management investment company that has elected to be regulated as a
business development company. OFS Capital's investment objective is to
provide shareholders with both current income and capital appreciation
primarily through debt investments and, to a lesser extent, equity
investments. OFS Capital invests primarily in privately-held
middle-market companies in the United States, including
lower-middle-market companies, targeting investments of $3 to $20
million in companies with annual EBITDA between $3 million and $50
million. OFS Capital offers flexible solutions through a variety of
asset classes including senior secured loans, which includes first-lien,
second-lien and unitranche loans, as well as subordinated loans and, to
a lesser extent, warrants and other minority equity securities. OFS
Capital's investment activities are managed by OFS Capital Management,
LLC, an investment adviser registered under the Investment Advisers Act
of 1940 and headquartered in Chicago, Illinois, with additional offices
in New York and Los Angeles.
FORWARD-LOOKING STATEMENTS
Statements made in this press release may contain forward-looking
statements that involve substantial risks and uncertainties, some of
which are beyond the control of OFS Capital's management, and are
difficult to predict. Such forward-looking statements are not historical
facts but, rather, reflect assumptions, estimates, and projections by
OFS Capital concerning anticipated results and provide no guarantee of
future performance. All forward-looking statements speak only as of the
date of this press release, and OFS Capital undertakes no duty to update
any forward-looking statements herein made.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151106005132/en/
INVESTOR RELATIONS:
OFS Capital Corporation
Steve Altebrando,
646-783-8473
saltebrando@ofsmanagement.com
Source: OFS Capital Corporation
News Provided by Acquire Media