ARLINGTON, Va. and NEW
YORK, Aug. 14, 2015 /PRNewswire/
-- PennantPark Floating Rate Capital Ltd. (NASDAQ: PFLT) and
MCG Capital Corporation (NASDAQ: MCGC) announced that at their
respective special meetings held today, stockholders of each
company overwhelmingly voted to approve the proposals related to
the previously announced merger agreement dated April 28, 2015 among MCG, PFLT, two of PFLT's
wholly-owned subsidiaries and PFLT's investment adviser.
- PFLT's stockholders approved the issuance of PFLT common stock
in connection with the merger agreement, with approximately 89% of
the shares voted at the special meeting voting in favor of the
proposal.
- MCG's stockholders approved the merger agreement and the
merger, with more than 90% of the shares voted at the special
meeting voting in favor of the proposal.
The merger is expected to close on or about August 18, 2015.
Keefe, Bruyette & Woods, Inc. and SunTrust Robinson
Humphrey, Inc. are serving as financial advisers to PFLT, Dechert
LLP and Venable LLP are serving as legal counsel to PFLT. Morgan
Stanley is serving as financial adviser to MCGC, Wachtell, Lipton,
Rosen & Katz is serving as legal counsel to MCGC and Sutherland
Asbill & Brennan LLP is serving as legal counsel to MCGC with
respect to the Investment Company Act of 1940.
ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.
PennantPark Floating Rate Capital Ltd. is a business development
company which primarily invests in U.S. middle-market private
companies in the form of floating rate senior secured loans. From
time to time, PennantPark Floating Rate Capital Ltd. may also
invest in mezzanine debt and equity investments. PennantPark
Floating Rate Capital Ltd. is managed by PennantPark Investment
Advisers, LLC.
ABOUT MCG CAPITAL CORPORATION
MCG Capital Corporation is a solutions-focused commercial
finance company providing capital and advisory services to lower
middle-market companies throughout the
United States. Its investment objective is to achieve
attractive returns by generating current income and capital gains
on its investments. Its capital is generally used by its portfolio
companies to finance acquisitions, recapitalizations, buyouts,
organic growth, working capital and other general corporate
purpose.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical facts
included in this press release are forward-looking statements and
are not guarantees of future performance or results and involve a
number of risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including the satisfaction of customary
closing conditions to the merger and other factors described from
time to time in filings with the Securities and Exchange Commission
(the "SEC"). Neither PFLT nor MCG undertakes any duty to update any
forward-looking statement made herein. You should not place undue
influence on such forward-looking statements as such statements
speak only as of the date on which they are made.
CONTACTS:
Aviv Efrat
PennantPark Floating Rate Capital Ltd.
(212) 905-1000
www.pennantpark.com
Scott Walker
MCG Capital Corporation
(703) 247-7559
swalker@MCGCapital.com
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SOURCE PennantPark; MCG Capital Corporation