Blackrock Kelso Capital Corp. (NASDAQ:BKCC) – Insider Selling of $2.55M Worth of Shares


Dallas, Texas 09/11/2013 (Financialstrend) – With its offices in New York and Chicago, Blackrock Kelso Capital Corp. (NASDAQ:BKCC), a management investment company largely invests in mid-sized companies has an annual revenue between $10 million and $50 million. It invests in all industries and provides customized financing solutions through loans, debt securities and equity securities. The stock has traded in a narrow 52-week range of $8.5 to $10.35 and currently it is trading around 5% below its 52-week high.

The company insider Virginia Retirement Systems Et Al disposed of 263,469 shares of the BKCC in transactions that occurred during September 3rd and 4th respectively. The insider now directly owns 5,490,711 shares, post transaction. The 98,821 shares were sold at an average price of $9.5942 and 164,648 shares were sold at a price of $9.7184, aggregating total transaction value of $2,548,223.56. The details of transactions have been filed under the Statement of Changes in Beneficial Ownership with the Securities & Exchange Commission.

Earlier the company reported that its equity and cash equivalents components during 2Q13 increased 9% as compared to preceding 1Q13. The company reported $43.9 million in cash and cash equivalents as on June 30, 2013. The company had $334.0 million available under revolving credit facility, and $36.3 million payable for investments purchased as on June 30, 2013. The net investment income for the 2Q13 was reported at $21.2 million which equates to $0.29 per share.

During 2Q13 the company has accomplished certain key strategic initiatives to increase net investment income through effective utilization of available debt capacity eliminating the need of raising additional equity capital.

The company announced quarterly dividend payout of $0.26 per share which will be paid to all shareholders on record as of September 19 and the dividend will be paid on October 3, 2013. The annual dividend yield at current share price stands around 10.5%.