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Corporate Capital Trust Announces Stock Repurchase Program; Financial Results

March 7, 2018

Corporate Capital Trust Announces Stock Repurchase Program; Financial Results

March 7, 2018 | Beth Glavosek | Blue Vault

Investment on Pocket Watch Face. Time Concept.

On March 6, Corporate Capital Trust, Inc. (NYSE:CCT) announced its operating results for the quarter and year ended December 31, 2017.

Of note, the fund’s board of directors has authorized a stock repurchase program under which CCT may repurchase up to $50 million in the aggregate of its outstanding common stock in the open market at prices below the current net asset value (NAV) per share. The Company had previously filed a tender offer in November 2017, offering to repurchase up to $185 million of the Company’s shares of common stock at $20.01, which equaled their net asset value per share as of September 30, 2017.  A total of 66.3 million shares were tendered, and the Company accepted for purchase, on a pro rata basis, 13.9% of shares properly tendered (approximately 9.2 million shares.) CCT has the right to buy back or not buy back tendered shares at the Board's discretion.

The Company’s public stock price closed at $17.37 on December 18, 2017, the same day the tender offer expired, representing a 13.2% discount to the tender offer price. As part of its most recent financial highlights, the company disclosed that the fund’s NAV was $19.55 per share at quarter-end compared with $20.01 per share as of September 30, 2017.

The NAV was affected, in part, by distributions. CCT’s board of directors declared a first-quarter regular cash dividend of about $0.40 per payable on April 6, 2018 to stockholders of record as of the close of business on March 29, 2018. The board of directors also declared a special cash dividend of $0.10125 per share payable on May 21, 2018 to stockholders of record as of the close of business on May 14, 2018.

 

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