Triangle Capital Corporation Announces $6.0 Million Investment in Syrgis Holdings, Inc.
September 17, 2007
RALEIGH, N.C., Sep 17, 2007 (PrimeNewswire via COMTEX News Network) --
Triangle Capital Corporation (Nasdaq:TCAP) ("Triangle" or "the Company"), a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, announced today that it closed a $5.0 million senior debt investment and $1.0 million equity investment in Syrgis Holdings, Inc. ("Syrgis").
Syrgis, headquartered in Covington, Kentucky, is a holding company comprised of four distinct specialty chemical subsidiaries. Through its operating subsidiaries, Syrgis manufactures specialty chemicals critical to the performance of products in diverse industries, including natural gas and oil refineries, cleaning solutions and supplies, and various lumber products.
"During this volatile time in the credit markets, Triangle is actively pursuing more senior oriented investment opportunities that offer strong collateralized returns. Syrgis operates in a market with limited competition and, based on the diversified end markets it serves, we believe this investment will provide Triangle an excellent risk adjusted return on our shareholders' capital," said Garland S. Tucker, III, President and CEO of Triangle.
About Triangle Capital Corporation
Triangle Capital Corporation (www.TCAP.com) is a specialty finance company organized to provide customized financing solutions to lower middle market companies located throughout the United States. Our investment objective is to seek attractive returns by generating current income from our debt investments and capital appreciation from our equity related investments. Our investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events.
Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state laws and regulations. We intend to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its shareholders.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.
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SOURCE: Triangle Capital Corporation
Triangle Capital Corporation Sheri B. Colquitt, Vice President, Investor Relations 919-719-4784 email@example.com Steven C. Lilly, Chief Financial Officer 919-719-4789 firstname.lastname@example.org
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