NEW YORK, Oct. 5, 2015 (GLOBE NEWSWIRE) -- Garrison Capital Inc. (NASDAQ:GARS) (the "Company"), a business development company, today announced that its board of directors has authorized the repurchase of up to $10.0 million of its common stock at prices below the Company's net asset value per share as reported in its most recent financial statements.
Under the repurchase program, the Company may, but is not obligated to, repurchase shares of its outstanding common stock in the open market or in privately negotiated transactions from time to time. Any repurchases by the Company will comply with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and any applicable requirements of the Investment Company Act of 1940, as amended. Unless extended by the Company's board of directors, the repurchase program will terminate on the earlier of October 5, 2016 or the repurchase of $10.0 million of the Company's common stock.
The stock repurchase program is intended to minimize the adverse effects of market volatility on the price of the Company's common stock. Any repurchases under the program will be at the discretion of the Company's management and will depend on a variety of factors. There can be no assurances that any shares will be repurchased under the program or that any repurchases will increase the market value of shares of the Company's common stock. The Company's board of directors may amend this program, solely in its discretion, at any time prior to its termination.
ABOUT GARRISON CAPITAL INC.
Garrison Capital Inc. is a business development company that primarily invests in loans to U.S. based middle-market companies. The Company's investment activities are managed by its investment adviser, Garrison Capital Advisers LLC, an affiliate of Garrison Investment Group LP ("Garrison Investment Group"). For more information, go to http://www.garrisoncapitalbdc.com.
ABOUT GARRISON INVESTMENT GROUP
Garrison Investment Group is an alternative investment and asset management firm founded in March 2007. Garrison Investment Group invests opportunistically in the debt of middle-market companies, primarily in the areas of corporate finance, real estate finance and structured finance. For more information, go to http://www.garrisoninv.com.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
CONTACT: Garrison Capital Inc. Brian Chase www.garrisoncapitalbdc.com (212) 372-9590