MENLO PARK, Calif.--(BUSINESS WIRE)--
TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) (the “Company” or
"TPVG"), the leading financing provider to venture growth stage
companies backed by a select group of venture capital firms in the
technology, life sciences and other high growth industries, today
announced that it will pay a special dividend of $0.15 per share. This
special dividend represents additional taxable income that will be
distributed in 2014 bringing total distributions to the Company's
stockholders of approximately $12.0 million or $1.22 per share. The
dividend will be payable on December 31, 2014 to stockholders of record
as of December 22, 2014.
“We are pleased to provide investors with a special dividend that
reflects the growth in our portfolio, the strong return profile of our
investments, and the positive effects of prepayment activities in our
portfolio,” said Jim Labe, chief executive officer and chairman of the
board of TPVG. “This special dividend, which will be paid solely from
taxable income, helps us meet the requirement that we distribute at
least 90% of our taxable income in 2014, our first year as a publicly
traded BDC.”
To the extent TPVG’s earned annual taxable income is in excess of its
dividends paid for the year, TPVG’s board of directors has elected to
carry over, or "spillover," the excess taxable income for distribution
in the following year subject to certain limitations and requirements,
including the payment of a nondeductible 4% excise tax. Any spillover of
2014 earnings to 2015 is anticipated to be determined after the close of
TPVG's fiscal year-end on December 31, 2014 and reported in its annual
report on Form 10-K to be filed with the SEC.
About TriplePoint Venture Growth BDC Corp.
TriplePoint Venture Growth BDC Corp. (the “Company”) (NYSE: TPVG) is an
externally managed, closed-end, non-diversified management investment
company that has elected to be regulated as a business development
company under the Investment Company Act of 1940, as amended. It was
formed to expand the venture growth stage business segment of its
sponsor, TriplePoint Capital LLC. The Company’s investment objective is
to maximize its total return to stockholders primarily in the form of
current income and, to a lesser extent, capital appreciation by
primarily lending with warrants to venture growth stage companies
focused in technology, life sciences and other high growth industries
backed by a select group of leading venture capital investors. More
information is available at http://www.tpvg.com.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and such statements are intended to be
covered by the safe harbor provided by the same. Forward-looking
statements are subject to substantial risks and uncertainties, many of
which are difficult to predict and are generally beyond the Company's
control. Words such as "anticipates," "expects," "intends," "plans,"
"will," "may," "continue," "believes," "seeks," "estimates," "would,"
"could," "should," "targets," "projects," and variations of these words
and similar expressions are intended to identify forward-looking
statements. For a further list and description of such risks and
uncertainties, see the Company's final prospectus filed with the
Securities and Exchange Commission on March 7, 2014, and other reports
filed by the Company with the Securities and Exchange Commission. The
forward-looking statements, and other risks, uncertainties and factors
are based on the Company's beliefs, assumptions and expectations of its
future performance, taking into account all information currently
available to the Company. Forward-looking statements are not predictions
of future events. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by law.
Source: TriplePoint Venture Growth BDC Corp.