Harvest Capital Credit Corporation Declares Dividends for January, February and March

Freitag, 15.02.19 23:34
Harvest Capital Credit Corporation Declares Dividends for January, February and March
Bildquelle: fotolia.com

Harvest Capital Credit Corporation (the “Company”) (NASDAQ: HCAP) announced that its Board of Directors has declared dividends of $0.08 per share for the months of January, February and March 2019. The January dividend is payable on March 7, 2019 to shareholders of record on February 28, 2019. The February dividend is payable on March 28, 2019 to shareholders of record on March 21, 2019. The March dividend is payable on April 25, 2019 to shareholders of record on April 18, 2019. The Company’s distributions may include a return of capital to shareholders to the extent that the Company’s net investment income and net capital gains are insufficient to support the distributions. Distributions that are treated for tax purposes as a return of capital will reduce each shareholder’s basis in his, her or its shares. Returns of shareholder capital also have the effect of reducing the Company’s assets.

"Our board of directors decided to lower our monthly dividend from $0.095 per share to $0.08 per share due to the continuation of a very competitive investment environment,” declared Joseph A. Jolson, Chairman and CEO. “We are very active in originating new deals but have had an unusually high rate of deals that have not closed. That, coupled with continued high payoffs have put us in a net cash position to start the year, making our first quarter of 2019 earnings outlook well below our current dividend rate,” continued Mr. Jolson. “The new dividend rate of $0.08 per month is achievable if we are successful in deploying capital as 2019 progresses. As of today, we have repurchased 87,500 shares in open market transactions and had an additional 162,500 shares remaining on our current share repurchase authorization through June 2019,” concluded Mr. Jolson.


Harvest Capital Credit Corporation provides customized financing solutions to privately held small and mid-sized companies in the U.S., generally targeting companies with annual revenues of less than $100 million and annual EBITDA of less than $15 million. The Company’s investment objective is to generate both current income and capital appreciation primarily by making direct investments in the form of subordinated debt, senior debt, and, to a lesser extent, minority equity investments in privately held U.S. small to mid-sized companies. Harvest Capital Credit Corporation is externally managed and has elected to be treated as a business development company under the Investment Company Act of 1940.

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not of historical fact (including statements containing the words "believes", "plans", "anticipates", "expects", "estimates", and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

Quelle: Business Wire

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