MVC Capital Provides Update on Repurchase Program
November 28 2018 - 5:05PM
Open Market Repurchases Expected to Total
Between $7 Million to $8 Million by December 31, 2018
MVC Capital, Inc. (NYSE:MVC) (the Company), a publicly traded
business development company (BDC) that makes private debt and
equity investments, provided an update to its previously announced
program to repurchase $10 million of its common stock by December
31, 2018.
Since the program was announced on September 18,
2018 through November 27, 2018, MVC Capital has repurchased
approximately 698,000 shares at an average price of $9.41 per
share, totaling approximately $6.6 million, including commissions
and fees. Subject to the Rule 10b-18 limitations (and assuming no
large blocks of shares become available as permitted by the Rule),
the Company expects to be able to repurchase a total of $7 million
to $8 million of its shares by December 31, 2018. Accordingly, to
allow for completion of the program, the Company has determined to
extend the program beyond December 31, 2018 until the full $10
million of shares are repurchased.
In fiscal 2017 and 2018, the Company repurchased
approximately $40 million of common shares through two tender
offers.
THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES
ONLY AND DOES NOT CONSTITUTE AN OFFER TO BUY OR THE SOLICITATION OF
AN OFFER TO SELL SHARES OF MVC CAPITAL COMMON STOCK.
MVC-G
About MVC Capital, Inc.
MVC Capital (MVC) is a business development
company traded on the New York Stock Exchange that
provides long-term debt and equity investment capital to fund
growth, acquisitions and recapitalizations of companies in a
variety of industries. For additional information about MVC, please
visit MVC's website at www.mvccapital.com.
Safe Harbor Statement and Other
Disclosures
The information contained in this press release
contains forward-looking statements, including with respect to the
continuation of share repurchases by the Company as currently
intended. These forward-looking statements are subject to the
inherent uncertainties in predicting future events, activities,
results and circumstances. Certain factors could cause actual
events, activities, results and circumstances to differ materially
from those contained in these forward-looking statements,
including, among other things: the Company's ability to complete
the $10 million repurchase program within the timeframe set forth;
the extent of the Company’s cash position from time to time and
alternative opportunities for deployment of its cash; the
performance of the Company’s investments; and economic, business
and market factors affecting the market price of the Company’s
shares, including factors that may be unrelated to the Company’s
performance, general economic, business and market factors; and
other factors identified under “Risk Factors” in the Company’s
periodic reports that it files with the Securities and Exchange
Commission.
The Company assumes no duty to update any of the
disclosures contained in this press release.
Investor Contact
Jackie Rothchild MVC Capital 914.510.9400
Or
Jeffrey Goldberger / Allison Soss KCSA
Strategic Communications 212.896.1249 / 212.896.1267
MVC Capital (NYSE:MVC)
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