UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
__________________________________
FORM
8-K
CURRENT
REPORT
Pursuant
to section 13 or 15(d) of
the
Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): May 7, 2009
BLACKROCK
KELSO CAPITAL CORPORATION
(Exact
name of registrant as specified in its charter)
|
Delaware
|
001-33559
|
20-2725151
|
|
(State
or other jurisdiction of
|
(Commission
|
(IRS
Employer
|
|
incorporation
or organization)
|
File
Number)
|
Identification
Number)
|
40 East 52nd Street
New York, NY 10022
(Address
of principal executive offices)
(212)
810-5800
(Registrant’s
telephone number, including area code)
Not Applicable
(Former name or former address, if
changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
[
]
|
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
|
[
]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
|
[
]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
|
[
]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
__________________________________
ITEM
2.02. RESULTS
OF OPERATIONS AND FINANCIAL CONDITION.
On
May 7, 2009, the Registrant issued a press release announcing its financial
results for the quarter ended March 31, 2009. The text of the press
release is included as Exhibit 99.1 to this Form 8-K.
The
information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is
being furnished and shall not be deemed to be “filed” for purposes of Section 18
of the Securities Exchange Act of 1934 and shall not be deemed incorporated by
reference into any filing made under the Securities Act of 1933, except as
expressly set forth by specific reference in such filing.
ITEM
7.01. REGULATION
FD DISCLOSURE.
The
Registrant issued a press release, filed herewith as Exhibit 99.1, and by this
reference incorporated herein, on May 7, 2009 announcing the declaration of a
second quarter dividend of $0.16 per share and an extension and increase to its
existing share repurchase plan for up to an additional 2.5% of the Registrant's
outstanding shares of common stock. The dividend is payable on July 3,
2009 to stockholders of record as of June 19, 2009.
The
information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is
being furnished and shall not be deemed to be “filed” for purposes of Section 18
of the Securities Exchange Act of 1934 and shall not be deemed incorporated by
reference into any filing made under the Securities Act of 1933, except as
expressly set forth by specific reference in such filing.
ITEM
9.01. FINANCIAL
STATEMENTS AND EXHIBITS.
(d)
Exhibits.
|
Exhibit
Number
|
Description
|
|
99.1
|
Press
Release, dated as of May 7, 2009
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SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned thereunto duly
authorized.
|
BLACKROCK
KELSO CAPITAL CORPORATION
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|||
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Date: May
7, 2009
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By:
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/s/
Frank D. Gordon
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|
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Name:
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Frank
D. Gordon
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||
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Title:
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Chief
Financial Officer
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||
EXHIBIT
INDEX
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Exhibit
Number
|
Description
|
|
99.1
|
Press
Release, dated as of May 7, 2009
|
|
Investor
Contact:
|
Press
Contact:
|
|
Frank
Gordon
|
Brian
Beades
|
|
212.810.5858
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212.810.5596
|
BlackRock
Kelso Capital Corporation Declares Regular Second Quarter Dividend of $0.16 per
Share,
Announces
March 31, 2009 Quarterly Financial Results
New York, New York, May 7,
2009 - BlackRock Kelso Capital Corporation (NASDAQ:BKCC) (“BlackRock Kelso Capital” or the “Company”) announced today that its Board
of Directors has declared a second quarter dividend of $0.16 per share payable
on July 3, 2009 to stockholders of record as of June 19, 2009.
BlackRock
Kelso Capital also announced financial results for the quarter ended March 31,
2009.
HIGHLIGHTS:
Investment
Portfolio: $915 million
Net
Assets: $496 million
Net
Indebtedness (borrowings less cash equivalents): $420
million
Net
Asset Value per share: $9.04
Portfolio
Activity for the Quarter Ended March 31, 2009:
Cost
of investments during period: $15.3 million
Sales,
repayments and other exits during period: $0.7 million
Number
of portfolio companies at end of period: 63
Operating
Results for the Quarter Ended March 31, 2009 (in thousands, except per share
amounts):
Net
investment income per share: $0.43
Dividends
declared per share: $0.16
Net
decrease in net assets from operations per
share: ($0.07)
Net
investment income: $23,751
Net
realized and unrealized losses: ($27,818)
Net
decrease in net assets from operations: ($4,067)
Portfolio
and Investment Activity
During
the three months ended March 31, 2009, we invested $15.3 million across two
existing portfolio companies. This compares to investing $94.6
million across four new and four existing portfolio companies for the three
months ended March 31, 2008. Sales and repayments of investment
principal totaled $0.7 million during the three months ended March 31, 2009
versus $28.0 million during the three months ended March 31, 2008.
At
March 31, 2009, our portfolio consisted of 63 portfolio companies and was
invested 61% in senior secured loans, 30% in unsecured or subordinated debt
securities, 6% in senior secured notes, 3% in equity investments and less than
1% in cash equivalents and foreign currency. This compares to 63% in
senior secured loans, 28% in unsecured or subordinated debt securities, 5% in
senior secured notes, 4% in equity investments and less than 1% in cash
equivalents and foreign currency at March 31, 2008. Our average
portfolio company investment at amortized cost was approximately $19.9 million
at March 31, 2009, versus $19.7 million at March 31, 2008. At March
31, 2009, 2.3% of our total debt investments at fair value (or 7.6% at amortized
cost) were on non-accrual status.
The
weighted average yields of the debt and income producing equity securities in
our portfolio at their current cost basis were 10.4% at March 31, 2009 and 11.5%
at March 31, 2008. The weighted average yields on our senior secured
loans and other debt securities at their current cost basis were 9.9% and 12.1%,
respectively, at March 31, 2009, versus 10.6% and 13.2% at March 31,
2008. Yields exclude common equity investments, preferred equity
investments with no stated dividend rate, short-term investments, cash
equivalents and foreign currency.
At
March 31, 2009, we had $1.6 million in cash equivalents and $123.5 million
available under our senior secured, multi-currency credit facility.
Results
of Operations
Results
comparisons are for the three months ended March 31, 2009 and 2008.
Investment
Income
For
the three months ended March 31, 2009 and 2008, investment income totaled $31.8
million and $35.7 million, respectively. The decrease in investment
income for the three months ended March 31, 2009 primarily reflects the impact
of lower levels of the London Interbank Offered Rate, or LIBOR, on interest
income from our floating rate debt investments, which generally bear interest
based on LIBOR. Three-month LIBOR averaged 1.24% during the three
months ended March 31, 2009, compared to 3.29% during the three months ended
March 31, 2008.
Expenses
Net
expenses for the three months ended March 31, 2009 and 2008 were $8.1
million and $12.5 million, respectively. Of these totals, $1.8
million and $5.2 million, respectively, were interest and other credit facility
expenses. There were no incentive fees for the three months ended
March 31, 2009 and 2008 as the performance hurdle rate was not achieved due
primarily to the increase in unrealized depreciation on
investments. Net expenses consist of base management fees, investment
advisor expenses, professional fees, administrative services expenses,
amortization of debt issuance costs, insurance expenses, director fees and
miscellaneous other expenses. The decrease in base management fees
for the three months ended March 31, 2009 reflects a decline in the quarterly
portfolio values on which the fees are paid (in arrears). The
decrease in interest expense and fees related to the credit facility in the 2009
period is a result of reduced borrowing costs from lower prevailing levels of
LIBOR, partially offset by higher average borrowings outstanding. The
decrease in professional fees in the 2009 period is due to nonrecurring
expenditures incurred in the 2008 period relating to potential capital
raises.
Net
Investment Income
Net
investment income totaled $23.8 million and $23.2 million, or $0.43 per share
and $0.44 per share, respectively, for the three months ended March 31, 2009 and
2008.
Net
Realized Gains
Total
net realized gains for the three months ended March 31, 2009 and 2008 were $2.1
million and $0.2 million, respectively. The increase in net realized
gains during the three months ended March 31, 2009 was primarily due to the
appreciation of the U.S. dollar relative to the Euro and Canadian dollar, which
resulted in gains on our foreign currency contracts used to hedge investments
denominated in such currencies.
Net
Unrealized Depreciation
For
the three months ended March 31, 2009 and 2008, the net change in unrealized
depreciation on the Company’s investments and foreign currency translation was
($29.9) million and ($62.9) million, respectively. Net unrealized
depreciation was ($339.2) million and ($120.5) million at March 31, 2009 and
2008, respectively. The net change in unrealized depreciation was a
result of a reduction in multiples used to estimate the fair value of our
investments, the underperformance of some portfolio companies, and market-wide
increases in interest yields. Market-wide movements and trading
multiples are not necessarily indicative of any fundamental change in the
condition or prospects of our portfolio companies.
Net
Decrease in Net Assets from Operations
For
the three months ended March 31, 2009 and 2008, the net decrease in net assets
from operations was ($4.1) million and ($39.5) million, or ($0.07) per share and
($0.75) per share, respectively.
Liquidity
and Capital Resources
At
March 31, 2009, we had $1.6 million in cash equivalents, $421.5 million in
borrowings outstanding and, subject to leverage restrictions, $123.5 million
available for use under our $545 million credit facility, which matures in
December 2010. At March 31, 2009, we were in compliance with
regulatory coverage requirements with an asset
2
coverage
ratio of 217% and were in compliance with all financial covenants under our
credit facility. Since March 31, 2009, conditions in the public debt
and equity markets have improved somewhat but continue to be
volatile. While these conditions persist, we expect to meet our
liquidity needs through use of the remaining availability under our credit
facility and continued cash flows from operations and investment
sales. The primary use of existing funds is currently expected to be
investments in portfolio companies, cash distributions to our stockholders,
repayment of indebtedness and other general corporate purposes.
In
the future, we may raise additional equity or debt capital off our shelf
registration or may securitize a portion of our investments, among other
considerations. However, we face and expect to continue to face
liquidity constraints under current market conditions, and if such conditions
worsen substantially, we may be unable to raise capital at all.
On
October 23, 2008, our Form N-2 shelf registration statement was declared
effective by the Securities and Exchange Commission (“SEC”), which permits us to
offer, from time to time, up to $1 billion of our common stock, preferred stock,
debt securities, warrants representing rights to purchase shares of our common
stock, preferred stock or debt securities and subscription rights.
Dividends
Dividends
paid or payable to stockholders for the three months ended March 31, 2009 and
2008 totaled $8.8 million or $0.16 per share and $22.7 million or $0.43 per
share, respectively. Tax characteristics of all dividends will be
reported to stockholders on Form 1099 after the end of the calendar
year.
We
have elected to be taxed as a regulated investment company, or RIC, under
Subchapter M of the Internal Revenue Code. To maintain our status as a RIC, we
must distribute annually to our stockholders at least 90% of our investment
company taxable income and at least 98% of our income (both ordinary income and
net capital gains) to avoid an excise tax. We have made, and intend
to continue to make, timely distributions sufficient to satisfy the annual
distribution requirements to maintain our qualification as a RIC. We
also intend to make distributions of net realized capital gains, if any, at
least annually. We may, at our discretion, carry forward taxable
income in excess of calendar year distributions and pay a 4% excise tax on this
income. We will accrue excise tax on estimated excess taxable income as
required.
With
respect to the dividends paid to stockholders, income we receive from
origination, structuring, closing, commitment and other upfront fees associated
with investments in portfolio companies is treated as taxable income when
received and accordingly, distributed to stockholders. For the three
months ended March 31, 2009 and 2008, these fees totaled zero and $0.8 million,
respectively.
A
new tax rule for 2009 permits publicly-traded RICs to distribute stock to
satisfy their taxable income distribution requirements if stated conditions are
met, including that at least 10% of the aggregate declared distribution be paid
in cash and that stockholders be permitted to elect whether to receive cash or
stock subject to the limit set by the RIC on the cash to be distributed in the
aggregate to all stockholders. Our Board of Directors has not yet
made a determination whether to utilize the new rule.
Dividend
Reinvestment and Amended and Restated Dividend Reinvestment Plan
We
maintain an “opt out” dividend reinvestment plan for our common
stockholders. As a result, if we declare a dividend, stockholders’
cash dividends will be automatically reinvested in additional shares of our
common stock, unless they specifically “opt out” of the dividend reinvestment
plan so as to receive cash dividends. With respect to our April 3,
2009 and March 31, 2008 dividends, $4.0 million and $5.1 million, respectively,
were reinvested pursuant to our dividend reinvestment plan.
Under
the terms of our amended and restated dividend reinvestment plan adopted on
March 4, 2009, dividends may be paid in newly issued or treasury shares of our
common stock at a price equal to 95% of the market price on the dividend payment
date. This feature of the plan means that, under certain
circumstances, we may issue shares of our common stock at a price below net
asset value per share, which could cause our stockholders to experience
dilution. With respect to our April 3, 2009 and March 31, 2008
dividends, reinvestment at such prices resulted in dilution of our net asset
value of approximately $0.08 and $0.01 per share, respectively.
3
Share
Repurchase Plan
In
August 2008, our Board of Directors approved a share repurchase plan under which
we may repurchase up to 2.5% of our outstanding shares of common stock from time
to time in open market or privately negotiated transactions. During
the three months ended March 31, 2009, we purchased a total of 501,364 shares of
our common stock on the open market for $1.9 million, including brokerage
commissions. Since inception of the repurchase plan through March 31,
2009, we purchased 879,471 shares of our common stock on the open market for
$5.1 million, including brokerage commissions. We are currently
holding the shares we repurchased in treasury.
On
May 6, 2009, our Board of Directors approved an extension and increase to our
existing share repurchase plan which authorizes us to repurchase up to an
additional 2.5 percent of our outstanding shares of common stock from time to
time in open market or privately negotiated transactions. After
giving effect to the Board’s action, the total number of additional shares
authorized for repurchase is 1,794,971. The repurchase plan does not
obligate us to acquire any specific number of shares and may be discontinued at
any time. We intend to fund any repurchases with available
cash. The repurchase plan is expected to be in effect through the
earlier of June 30, 2010 or until the approved number of shares has been
repurchased.
Notice
is hereby given in accordance with Section 23(c) of the Investment Company Act
of 1940 that from time to time we may purchase shares of our common stock in the
open market at prevailing market prices.
Conference
Call
BlackRock
Kelso Capital will host a webcast/teleconference call at 4:30 p.m. (Eastern
Time) on Thursday, May 7, 2009 to discuss its first quarter 2009 financial
results. All interested parties are welcome to
participate. You can access the teleconference by dialing, from the
United States, (800) 374-0176, or from outside the United States, (706)
679-3431, shortly before 4:30 p.m. and referencing the BlackRock Kelso Capital
Corporation Conference Call (ID Number 94261769). A live, listen-only
webcast will also be available via the investor relations section of
www.blackrockkelso.com.
Both
the teleconference and webcast will be available for replay by 8:00 p.m. on
Thursday, May 7, 2009 and ending at midnight on Thursday, May 14,
2009. To access the replay of the teleconference, callers from the
United States should dial (800) 642-1687 and callers from outside the United
States should dial (706) 645-9291 and enter the Conference ID Number
94261769. To access the webcast, please visit the investor relations
section of www.blackrockkelso.com.
4
BlackRock
Kelso Capital Corporation
Statements
of Assets and Liabilities
|
March
31,
2009
(Unaudited)
|
December 31,
2008
|
|||||||
|
Assets:
|
||||||||
|
Investments
at fair value:
|
||||||||
|
Non-controlled, non-affiliated investments (amortized cost of
$1,131,033,078 and $1,115,354,825)
|
$ | 867,939,864 | $ | 875,633,291 | ||||
|
Non-controlled, affiliated investments (amortized cost of $63,893,958 and
$64,268,941)
|
35,355,432 | 40,015,080 | ||||||
|
Controlled investments (amortized cost of $56,259,953 and
$56,207,945)
|
9,646,380 | 11,196,555 | ||||||
|
Total investments at fair value (amortized cost of $1,251,186,989 and
$1,235,831,711)
|
912,941,676 | 926,844,926 | ||||||
|
Cash
equivalents
|
1,630,118 | 15,024,972 | ||||||
|
Foreign
currency at fair value (cost of $570 and $764,413)
|
588 | 761,299 | ||||||
|
Unrealized
appreciation on forward foreign currency contracts
|
7,681 | 717,972 | ||||||
|
Interest
receivable
|
13,994,472 | 16,300,537 | ||||||
|
Dividends
receivable
|
4,809,463 | 4,161,246 | ||||||
|
Prepaid
expenses and other assets
|
2,066,174 | 2,380,988 | ||||||
|
Total
Assets
|
$ | 935,450,172 | $ | 966,191,940 | ||||
|
Liabilities:
|
||||||||
|
Payable
for investments purchased
|
$ | 1,438,573 | $ | 1,005,101 | ||||
|
Unrealized
depreciation on forward foreign currency contracts
|
1,016,829 | 1,054,165 | ||||||
|
Credit
facility payable
|
421,500,000 | 426,000,000 | ||||||
|
Interest
payable on credit facility
|
443,762 | 835,491 | ||||||
|
Dividend
distributions payable
|
8,831,305 | 19,463,166 | ||||||
|
Base
management fees payable
|
4,748,218 | 5,725,029 | ||||||
|
Accrued
administrative services
|
245,270 | 170,445 | ||||||
|
Other
accrued expenses and payables
|
1,706,747 | 1,643,042 | ||||||
|
Total
Liabilities
|
439,930,704 | 455,896,439 | ||||||
|
Net
Assets:
|
||||||||
|
Common
stock, par value $.001 per share, 100,000,000 common shares authorized,
55,670,594 issued and 54,791,123 and 55,292,487
outstanding
|
55,671 | 55,671 | ||||||
|
Paid-in
capital in excess of par
|
818,627,916 | 818,627,914 | ||||||
|
Undistributed
net investment income
|
18,775,093 | 3,855,016 | ||||||
|
Accumulated
net realized gain
|
2,371,803 | 243,475 | ||||||
|
Net
unrealized depreciation
|
(339,242,349 | ) | (309,295,567 | ) | ||||
|
Treasury
stock at cost, 879,471 and 378,107 shares held
|
(5,068,666 | ) | (3,191,008 | ) | ||||
|
Total
Net Assets
|
495,519,468 | 510,295,501 | ||||||
|
Total
Liabilities and Net Assets
|
$ | 935,450,172 | $ | 966,191,940 | ||||
|
Net
Asset Value Per Share
|
$ | 9.04 | $ | 9.23 | ||||
5
|
BlackRock
Kelso Capital Corporation
Statements
of Operations (Unaudited)
|
Three
months ended
March
31, 2009
|
Three
months
ended
March
31, 2008
|
||||||
|
Investment
Income:
|
||||||||
|
From
non-controlled, non-affiliated investments:
|
||||||||
|
Interest
|
$ | 30,336,034 | $ | 33,088,207 | ||||
|
Dividends
|
505,209 | 481,114 | ||||||
|
Other
income
|
— | 546 | ||||||
|
From
non-controlled, affiliated investments:
|
||||||||
|
Interest
|
481,385 | 1,200,564 | ||||||
|
Dividends
|
273,207 | 394,520 | ||||||
|
From
controlled investments:
|
||||||||
|
Interest
|
215,465 | 529,566 | ||||||
|
Total
investment income
|
31,811,300 | 35,694,517 | ||||||
|
Expenses:
|
||||||||
|
Base
management fees
|
4,748,218 | 5,566,860 | ||||||
|
Interest
and credit facility fees
|
1,836,389 | 5,214,057 | ||||||
|
Investment
advisor expenses
|
346,794 | 274,898 | ||||||
|
Professional
fees
|
232,050 | 598,330 | ||||||
|
Administrative
services
|
229,108 | 293,435 | ||||||
|
Amortization
of debt issuance costs
|
168,292 | 166,195 | ||||||
|
Insurance
|
129,361 | 137,583 | ||||||
|
Director
fees
|
95,292 | 94,500 | ||||||
|
Other
|
274,414 | 134,652 | ||||||
|
Net
expenses
|
8,059,918 | 12,480,510 | ||||||
|
Net
Investment Income
|
23,751,382 | 23,214,007 | ||||||
|
Realized
and Unrealized Gain (Loss):
|
||||||||
|
Net
realized gain (loss):
|
||||||||
|
Non-controlled,
non-affiliated investments
|
4,549 | 28,363 | ||||||
|
Non-controlled
affiliated investments
|
12,240 | — | ||||||
|
Foreign
currency
|
2,111,539 | 177,152 | ||||||
|
Net
realized gain (loss)
|
2,128,328 | 205,515 | ||||||
|
Net
change in unrealized appreciation or depreciation on
|
||||||||
|
Non-controlled,
non-affiliated investments
|
(23,371,679 | ) | (49,922,548 | ) | ||||
|
Non-controlled,
affiliated investments
|
(4,284,665 | ) | (6,736,115 | ) | ||||
|
Controlled
investments
|
(1,602,183 | ) | (5,348,470 | ) | ||||
|
Foreign
currency translation
|
(688,253 | ) | (885,903 | ) | ||||
|
Net
change in unrealized appreciation or depreciation
|
(29,946,780 | ) | (62,893,036 | ) | ||||
|
Net
realized and unrealized gain (loss)
|
(27,818,452 | ) | (62,687,521 | ) | ||||
|
Net
Decrease in Net Assets Resulting from Operations
|
$ | (4,067,070 | ) | $ | (39,473,514 | ) | ||
|
Net
Investment Income Per Share
|
$ | 0.43 | $ | 0.44 | ||||
|
Loss
Per Share
|
$ | (0.07 | ) | $ | (0.75 | ) | ||
|
Basic
and Diluted Weighted-Average Shares Outstanding
|
55,242,972 | 52,830,053 | ||||||
6
About
BlackRock Kelso Capital Corporation
BlackRock
Kelso Capital Corporation is a business development company formed in early 2005
by its management team, BlackRock, Inc. and principals of Kelso & Company,
to provide debt and equity capital to middle-market companies.
The
Company's investment objective is to generate both current income and capital
appreciation through debt and equity investments. The Company invests
primarily in middle-market companies in the form of senior and junior secured
and unsecured debt securities and loans, each of which may include an equity
component, and by making direct preferred, common and other equity investments
in such companies.
Forward-Looking
Statements
This press release, and other statements
that BlackRock Kelso Capital may make, may contain forward-looking statements
within the meaning of the
Private Securities Litigation Reform Act, with respect to BlackRock Kelso
Capital’s future financial or business
performance, strategies or expectations. Forward-looking statements are
typically identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “ anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,&#
8221; “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as
“will,” “would,” “should,” “could,” “may” or similar
expressions.
BlackRock Kelso Capital cautions that
forward-looking statements are subject to numerous assumptions, risks and
uncertainties, which change over time. Forward-looking statements speak
only as of the date they are made, and BlackRock Kelso Capital assumes no duty
to and does not undertake to update forward-looking statements. Actual results
could differ materially from those anticipated in forward-looking statements and future results could
differ materially from historical performance.
In addition to factors previously
disclosed in BlackRock Kelso Capital's SEC reports and those identified elsewhere
in this press release, the following factors, among others, could cause actual results to
differ materially from forward-looking statements or historical performance: (1)
our future operating results; (2) our business prospects and the prospects of
our portfolio companies; (3) the impact of investments that we expect to make; (4) our contractual
arrangements and relationships with third parties; (5) the dependence of our
future success on the general economy and its impact on the industries in which
we invest; (6) the ability of our portfolio companies to achieve their objectives; (7) our
expected financings and investments; (8) the adequacy of our cash resources and
working capital, including our ability to obtain continued financing on
favorable terms; (9) the timing of
cash flows, if any, from the operations of our portfolio companies; (10) the
ability of our investment
advisor to locate suitable
investments for us and to monitor and administer our investments; (11) the
ability of our investment
advisor to attract and
retain highly talented professionals; (12) fluctuations in foreign currency
exchange rates; and (13) the impact of changes to tax legislation and,
generally, our tax position.
BlackRock
Kelso Capital’s Annual Report on Form 10-K for the year ended December 31, 2008
filed with the SEC identifies additional factors that can affect forward-looking
statements.
Available
Information
BlackRock
Kelso Capital’s filings with the SEC, press releases, earnings releases and
other financial information are available on its website at www.blackrockkelso.com. The information contained on our website
is not a part of this press release.
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