Boston, MA 06/16/2014 (wallstreetpr) – The specialty finance company, TCP Capital Corp (NASDAQ:TCPC) is mainly known for investing in mid-sized businesses. The company provides flexible and easy financial solutions to the companies that do not have easy access to capital markets.
CEO Claimed Financial Assistance For Other Companies:
The 46 years old Chief Executive Officer, Howard M. Levkowitz, who has been serving the Santa Monica Company since 2012, commented on June 15, 2014 regarding the company’s financial assistance. The CEO was the co-founder of Tennenbaum Capital Partners in the year 1999.
TCP Trying To Fill The Emptiness:
The officials of TCP Capital Corp (NASDAQ:TCPC) said that the company is trying to fill up the gap that the commercial banks have created. In the wake of worldwide recession and regulatory requirements, the banks have cut down lending to the midsized companies, that worth $100 million to $1.5 billion. The company mainly invests on the secured company debt and also on the companies that allow TCP an ownership stake.
TCP Expanded The Credit Facility To Deutsche Bank:
The TCP Capital works on 19 sectors and offers an average loan of $12 million. Under the Investment Company Act of 1940, TCP is a registered business development company. This month, TCP stretched its revolving credit facility with the renowned Deutsche Bank from $150 million to $200 million. It also announced to sell $100 million in debts.
Quarterly Report On Last Month:
In the month of May 2014, TCP Capital Corp (NASDAQ:TCPC) announced its first quarter economic statistics, which was more than the expectations of the analysts. It recorded sales of $22.7 million, which a year ago was $16.9 million. In April, TCP Capital’s subsidiary got the approval from the Small Business Administration to function as a Small Business Investment Company.
This approval added a particular attention to the company’s client base. The CEO stated that this approval from the government allows the company to access the funding guarantee. Since the inception of the company in 1999, TCP Capital Corp (NASDAQ:TCPC) has a record of investing $13.5 billion in approximately 345 companies.
