Triangle Capital reported first-quarter net investment income of $17.8 million, or 54 cents per share, up 28 percent from a year ago and 3 cents per share better than analysts expected.
The Raleigh-based investment company also announced that it closed on a new $300 million senior credit facility that will boost its capacity to make future investments. The new credit facility replaces a $165 million credit facility and comes on top of an $86 million bond offering that Triangle Capital completed in February.
The company, which periodically issues new stock or borrows money to replenish its investment capital, also had $111.8 million in cash as of March 31.
Triangle capital makes loans to midsized, privately owned businesses. It also takes a minority ownership stake in its portfolio companies.
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Triangle Capital, which has an $877.4 million investment portfolio, made three new investments totaling $79.2 million in the first quarter. It also invested $19 million in companies already in its portfolio.
Its latest investments include a $22 million investment in Nomacorc, a Zebulon company that is the world’s largest producer of synthetic wine corks.
Triangle Capital released its first-quarter results after the markets closed Wednesday. Thursday its shares closed at $22.43, down 63 cents. Its shares have risen 11 percent this year.