PURCHASE, N.Y., June 13, 2013 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC), a publicly traded business development company that makes private debt and equity investments, announced today the completion of a follow-on investment of $22.4 million in Ohio Medical Corporation ("OMC" or "the company"), an existing portfolio company, in the form of convertible preferred stock.
This investment replaces equity financings in OMC that had deleveraged the company. The investment was made in accordance with a guarantee which MVC committed to when it was unable to make non-diversified investments. After this investment, MVC will no longer have an outstanding guarantee related to OMC and has completed its planned acquisition of the supported equity securities.
"We are pleased to satisfy our commitment from 2011 and continue to have confidence in the company's impressive line of medical suction and oxygen therapy devices and medgas equipment," said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital, Inc. "After enduring a period of uncertainty in the sector they participate in, OMC is experiencing initial indications of increased customer demand and an improving sales backlog."
About Ohio Medical Corporation
Based in Gurnee, IL, Ohio Medical Corporation's mission is to be recognized by its customers as the most progressive enterprise in the respiratory, medical and industrial gas/vacuum delivery systems market. OMC serves customers worldwide with innovative quality products while supporting them with outstanding service. OMC strives to understand the customer's needs, their expectations and to honor their commitments with respect and integrity.
About MVC Capital, Inc.
MVC Capital, Inc. is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries.
The information contained in this press release contains forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements, and these factors are enumerated in the company's periodic filings with the Securities and Exchange Commission.
CONTACT: Investor Relations Jackie Rothchild MVC Capital, Inc. 914-510-9400 or Jeffrey Goldberger / Garth Russell KCSA Strategic Communications 212-896-1249 / 212-896-1250 Media Inquiries Nathaniel Garnick / Patrick Scanlan Sard Verbinnen & Co. 212-687-8080Source:MVC Capital