Medley Capital Corporation (NYSE:MCC) Files An 8-K Other EventsItem 8.01Other Events.
Medley Capital Corporation (NYSE: MCC) (TASE: MCC) (the “Company”) today announced that on June 1, 2018 its board of directors authorized the Company to repurchase and retire up to $20 million USD of the Company’s outstanding 5.300% 2024 Notes (the “2024 Notes”) which are traded on the Tel Aviv Stock Exchange (TASE: MCC.B1).
As a result of continued repayment from borrowers during the quarter and strong liquidity, MCC management has proactively requested approval from MCC's board of directors to repurchase in the open market and retire up to $20 million USD of the 2024 Notes (TASE: MCC.B1). Execution of the repurchase plan is subject to an open trading window for the Company and continued liquidity at that time and is expected to continue until the full authorized amount is purchased or market conditions change.
The next open trading window for possible bond repurchases is currently not expected to occur until after the filing of the Company’s next quarterly financial statements. The repurchase of the 2024 Notes is not expected to result in any exceptional tax consequences to the Company or its note holders.
About Medley Capital Corporation (NYSE:MCC)
Medley Capital Corporation is a non-diversified closed-end management investment company. The Company’s investment objective is to generate current income and capital appreciation by lending directly to privately-held middle market companies, primarily through directly originated transactions to help these companies expand their business, refinance and make acquisitions. Its investment portfolio includes senior secured first lien term loans, senior secured second lien term loans, unitranche, senior secured first lien notes, subordinated notes and warrants and minority equity securities. It may invest up to 100% of its assets in securities acquired directly from issuers in privately negotiated transactions. Its portfolio of investments includes industries, including banking, finance, insurance and real estate; construction and building; healthcare and pharmaceuticals; beverage and food, and telecommunications. MCC Advisors LLC is the Company’s investment advisor.