RALEIGH, N.C., Jan. 24, 2017 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP), a leading provider of capital to lower middle market companies, announced today that that it has received notification from the Small Business Administration that the Company’s application for a third Small Business Investment Company license has been approved. The new license will provide up to $100 million in additional long-term capital through the use of SBA debentures. As a result of the 2016 omnibus spending bill approved by Congress and signed into law by President Obama in December 2015, the maximum amount of SBA-guaranteed debentures that affiliated SBIC funds can have outstanding was increased from $225 million to $350 million. With this license approval, Triangle will expand its SBA relationship from $250 million to $350 million of committed capital.
“We are excited to expand our long-standing relationship with the SBA with a third SBIC license. Access to capital has always been a key differentiator for Triangle, and our SBA-guaranteed debentures have been a foundational element of our capital structure. Our continued partnership with the SBA and the additional capital available with this new license will significantly enhance our ability to take advantage of investment opportunities in the lower middle market. We appreciate the confidence the SBA has expressed in Triangle with this new opportunity,” commented E. Ashton Poole, President and Chief Executive Officer.
About Triangle Capital Corporation
Triangle Capital Corporation (www.TCAP.com) invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events. Triangle offers a wide variety of investment structures with a primary focus on mezzanine financing with equity components. Triangle’s investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle’s investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions. Triangle typically invests $5.0 million - $35.0 million per transaction in companies with annual revenues between $20.0 million and $200.0 million, and EBITDA between $3.0 million and $35.0 million.
