Investcorp Credit Management's Q3 net asset value per share falls, new investment activity tepid

Overview

• The U.S. business development company's fiscal third-quarter net asset value per share fell to $3.65

• Company reported net decrease in net assets from operations, with loss per share of $0.60

• ICMB reduced credit facility commitment and adviser waived fees to support liquidity

Outlook

• Company says near-term priorities are capital preservation and disciplined liquidity management

• Company expects new investment activity to remain selective amid muted deployment environment

• Company continues to evaluate options to maximize shareholder value

Result Drivers

• REALIZED INVESTMENTS - Co fully realized investments in three portfolio companies, generating $12.7 mln in proceeds

• LIQUIDITY MANAGEMENT - Co reduced credit facility commitment and adviser waived $456,000 in management fees to support liquidity

• MUTED NEW INVESTMENT ACTIVITY - Co said new investment activity remained muted, reflecting a selective approach to capital deployment

Company press release: ID:nBw46fq3Na

Key Details

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