Full Circle raises $4.92 million for senior secured loan investments

By Toni Weeks

San Luis Obispo, Calif., Feb. 27 - Full Circle Capital Corp. announced its plans to sell shares of its common stock to certain institutional investors in a public offering, according to a 497 filing with the Securities and Exchange Commission.

The externally managed, non-diversified, closed-end management investment company seeks to generate current income and capital appreciation through debt and equity investments.

The company invests primarily in senior secured loans and, to a lesser extent, mezzanine loans and equity securities issued by smaller and lower middle-market companies from a diverse range of industries.

John Stuart and Gregg J. Felton lead the portfolio management team.

The company priced 630,000 shares at $7.81 per share for proceeds of $4,920,300. The per-share price is a 5% discount to the $8.22 closing price of Full Circle's common stock (Nasdaq: FULL) on Wednesday.

Settlement is expected on March 4.

Proceeds will be used for investments in new portfolio companies and general corporate purposes.

There will be no sales load. Including a base management fee of 2.33%, total annual expenses are expected to be 11.42%.

Rye Brook, N.Y-based Full Circle Advisors is the investment adviser.

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