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MCGC > SEC Filings for MCGC > Form 8-K on 8-Nov-2013All Recent SEC Filings

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Form 8-K for MCG CAPITAL CORP


8-Nov-2013

Other Events


Item 8.01. Other Events.

On November 8, 2013, MCG Capital Corporation, a Delaware corporation ("MCG" or the "Company"), withdrew its application for a second license from the Small Business Administration ("SBA") to operate an additional subsidiary as a small business investment company ("SBIC").
In December 2004, MCG formed a wholly owned subsidiary, Solutions Capital I, L.P. ("SCI"), which received a license from the SBA to operate as an SBIC under the Small Business Investment Act of 1958, as amended. As of September 30, 2013, SCI had borrowed $150.0 million, the maximum amount of outstanding leverage available to single-license SBIC companies.
In March 2011, MCG formed another wholly owned subsidiary, Solutions Capital II, L.P. ("SCII"), and, in February 2013, the Company announced the receipt of a green light letter from the SBA inviting MCG to continue its application process to obtain a license to form and operate a second SBIC. After discussions with the SBA, the Company elected to withdraw its application for a second license until such time as the SBA has an opportunity to further evaluate organizational results in connection with MCG's restructuring efforts and its position in relation to other specialty finance companies. The SBA has indicated that MCG may petition the SBA for permission to re-file its application at a future date. The withdrawal of the license application for SCII does not impact SCI's SBIC license, the debentures for which mature between September of 2018 and March 2022.
At September 30, 2013, MCG had $133.2 million of cash and cash equivalents available for general corporate purposes and new investments, of which $36.8 million of cash is held in restricted accounts related to SCI that MCG may use to fund new investments in SCI.

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