SOLAR SENIOR CAPITAL LTD. (NASDAQ:SUNS) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
On February22, 2017, Solar Senior Capital Ltd. (the Company)
issued a press release announcing that it has entered into a
limited liability company agreement (the LLC Agreement) with
Solar Capital Ltd. (Solar), affiliates of a joint venture between
Solar Capital Partners, LLC and PIMCO (the Affiliates), and
Deerfield Management Company, L.P. (Deerfield) to form Solar Life
Science Program LLC (LSJV), a Delaware limited liability company,
which is a joint venture that is expected to invest the majority
of its assets in first lien loans to publicly-traded companies in
the U.S. life science industry. Including anticipated leverage,
LSJVs total investable capital is expected to be approximately
$700million. Subject to certain conditions, Solar, the Company,
the Affiliates and Deerfield have committed equity capital to
LSJV up to $50million, $75million, $75million and $150million,
respectively, for an aggregate equity capital commitment of up to
$350million. Once a sufficient number of investments have been
made, LSJV is expected to be levered up to approximately 1.0x
debt-to-equity, based on advanced discussions with third party
debt providers. The text of the press release, which is attached
hereto as Exhibit 99.1, is incorporated by reference herein.
The description above is only a summary of the material
provisions of the LLC Agreement and is qualified in its entirety
by reference to the copy of the form of LLC Agreement which is
filed as Exhibit10.1 to this current report on Form8-K and is
incorporated herein by reference thereto.
| Item2.02 |
Results of Operations and Financial Condition. |
On February22, 2017, the Company issued a press release
announcing its financial results for the year ended December31,
2016.The text of the press release is included as Exhibit99.2 to
this Form8-K.
The information disclosed under this Item 2.02, including
Exhibit99.2 hereto, is being furnished and shall not be deemed
filed for purposes of Section18 of the Securities Exchange Act of
1934 and shall not be deemed incorporated by reference into any
filing made under the Securities Act of 1933, except as expressly
set forth by specific reference in such filing.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 10.1 |
Form of Solar Life Science Program LLC Limited Liability Company Agreement, dated February22, 2017 |
|
| 99.1 |
Press release of Solar Senior Capital Ltd., dated February22, 2017 |
|
| 99.2 |
Press release of Solar Senior Capital Ltd., dated February22, 2017 |
About SOLAR SENIOR CAPITAL LTD. (NASDAQ:SUNS)
Solar Senior Capital Ltd. (SUNS) is a management investment company. The Company’s investment objective is to seek to maximize current income consistent with the preservation of capital. It invests in senior loans, including first lien and second lien debt instruments. It also invests in debt of public companies that are thinly traded. It invests in senior loans made to private, leveraged middle-market companies with approximately $20 million to $100 million of earnings before income taxes, depreciation and amortization. Its investment portfolio totals approximately $306.5 million and its net asset value is over $188.3 million. It invests in various industries, such as healthcare facilities, healthcare services, automobiles, healthcare technology, hotels, restaurants and leisure, building products, industrial conglomerates and chemicals. Its portfolio consists of debt and equity investments in over 45 portfolio companies. SUNS is managed by Solar Capital Partners, LLC. SOLAR SENIOR CAPITAL LTD. (NASDAQ:SUNS) Recent Trading Information
SOLAR SENIOR CAPITAL LTD. (NASDAQ:SUNS) closed its last trading session up +0.01 at 17.46 with 56,321 shares trading hands.
