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Full Circle to make loan investments with stock offering proceeds
By Toni Weeks
San Luis Obispo, Calif., June 19 – Full Circle Capital Corp. plans to sell shares of its common stock 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 plans to offer 1,351,352 shares at $7.40 per share. Full Circle's common stock closed at $7.96 (Nasdaq: FULL) on Wednesday.
Proceeds will be used for general corporate purposes, which may include investing in new portfolio companies, acquisitions and general working capital.
There will be no sales load. Including a base management fee of 2.2%, total annual expenses are expected to be 12.44%.
Rye Brook, N.Y-based Full Circle Advisors is the investment adviser.
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