Daily News: February 27, 2014

Solar Capital Lauds Crystal Financial 2013 Performance

Solar Capital Ltd. reported total investment income for the year’s ended 2013 and 2012 was $163.6 million and $153.3 million, respectively. Net investment income was $84.9 million in 2013, up from $81.9 million a year earlier. The company said the increase in gross investment income in 2013 was primarily due to an increase in income from our investment in Crystal Financial.

Commenting on Crystal Financial, Michael Gross, chairman and CEO of Solar Capital said, “We’ve benefitted from our strategic ownership of Crystal Financial, whose 100% performing portfolio of senior secured loans has resulted in an 11.5% cash yield to us, based on cost, for the full year. For 2014, we are focused on deploying our available capital primarily into senior secured loans.”

Commenting on 2013, Gross added, “During 2013, a year of issuer-friendly market conditions, we focused our origination efforts on finding higher quality investments, rather than lowering our credit standards to achieve portfolio growth that we believe wouldn’t deliver long-term shareholder value. The vast majority of our originations during the year were in floating rate, senior secured loans, which meaningfully enhanced the composition of our portfolio.”

To read the entire Solar Capital LTD news release, click here.