MVC Capital, Inc. (NYSE: MVC) (the "Fund"), a publicly traded business development company that makes private debt and equity investments, announced today the closing of the sale of SHL Group Limited ("SHL"), a MVC portfolio company, to The Corporate Executive Board, (NYSE: EXBD).
With the closing of the transaction, the Fund received gross proceeds of approximately $15.3 million, posting an approximate 2.5x return on invested cash. The $15.3 million includes all transaction expenses and approximately $225,000 held in escrow. The Fund anticipates utilizing a portion of its capital losses to offset this capital gain.
"This sale exemplifies the ongoing efforts of MVC Capital to realize favorable returns on its investments and to generate shareholder value by offsetting realized gains, allowing for capital preservation in a tax-efficient manner,” said Michael Tokarz, Chairman and Portfolio Manager of MVC Capital.
About MVC Capital, Inc.
MVC is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. For additional information about MVC, please visit MVC's website at www.mvccapital.com.
The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, and these factors are enumerated in the company's periodic filings with the Securities and Exchange Commission.