CHARLOTTE, N.C., Oct. 20, 2017 (GLOBE NEWSWIRE) -- The Barings Corporate Investors (the “Trust”) Board of Trustees met today. The Trust’s Trustees declared a quarterly dividend of 30 cents per share payable on November 10, 2017 to shareholders of record on October 30, 2017. The Trust paid a dividend of 30 cents per share in the preceding quarter.
The Trust’s Trustees determined that the Trust’s net asset value as of September 30, 2017 was $309,897,987 or $15.57 per share based on 19,905,321 shares outstanding. As of September 30, 2016, the Trust’s net assets were $291,471,802 or $14.76 per share based on 19,751,055 shares outstanding. As of June 30, 2017, the Trust’s net assets were $302,454,098 or $15.22 per share based on 19,868,194 shares outstanding.
The Trust’s net investment income for the quarter ended September 30, 2017 was $5,785,863 or $0.29 per share. Net investment income for the quarter ended September 30, 2016 was $5,290,595 or $0.27 per share. For the previous quarter ended June 30, 2017, net investment income was $6,677,343 or $0.34 per share, of which approximately $725,496 or $0.04 per share represented income due to nonrecurring items. Net investment income for the nine months ended September 30, 2017 was $18,936,998 or $0.95 per share, compared with $15,606,578 or $0.79 per share for the comparable period in 2016.
During the quarter ended September 30, 2017, net capital gains of $2,679,390 or $0.13 per share were realized by the Trust (compared to gains of $3,281,311 or $0.17 per share for the quarter ended September 30, 2016), bringing 2017 year-to-date net realized capital gains to $5,909,830 or $0.30 per share. During the previous quarter ended June 30, 2017, net capital gains of $2,544,158 or $0.13 per share were realized by the Trust.
The Trust today announced that it has entered into an agreement with Massachusetts Mutual Life Insurance Company and its affiliates to refinance the Trust’s $30,000,000 Senior Fixed Rate Convertible Note (the “Note”), which was originally issued by the Trust on November 15, 2007. The Note is scheduled to mature on November 15, 2017 and accrues interest at 5.28% per annum. The new Note will mature on November 15, 2027 and will accrue interest at 3.53% per annum.
Also, in response to current market conditions, the Trustees agreed to reduce the minimum expected internal rate of return threshold for investments offered to the Trust pursuant to the Trust’s existing co-investment exemptive order.
The market price of Barings Corporate Investors as of September 30, 2017 was $15.79, which equates to a 1.41% premium over the September 30, 2017 NAV per share. The Trust’s average quarter-end premium for the 3, 5 and 10-year periods was 10.64%, 10.18% and 11.49%, respectively.
Barings Corporate Investors is a closed-end management investment company advised by Barings LLC. Its shares are traded on the New York Stock Exchange under the trading symbol (“MCI”).
Per share amounts are rounded to the nearest cent.
Cautionary Notice: Certain statements contained in this press release may be "forward looking" statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date in which they are made and which reflect management’s current estimates, projections, expectations or beliefs, and which are subject to risks and uncertainties that may cause actual results to differ materially. These statements are subject to change at any time based upon economic, market or other conditions and may not be relied upon as investment advice or an indication of the fund's trading intent. References to specific securities are not recommendations of such securities, and may not be representative of the fund's current or future investments. We undertake no obligation to publicly update forward looking statements, whether as a result of new information, future events, or otherwise.
Barings is a leading global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partnerships that leverage our distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. A member of the MassMutual Financial Group, Barings maintains a strong global presence with over 600 investment professionals and offices in 16 countries. Learn more at www.barings.com.
Brian Whelan, Head of Corporate Communications, 980.417.7700, firstname.lastname@example.org