Barings Participation Investors Announces Increased Quarterly Cash Dividend of $0.35 Per Share
14 Diciembre 2023 - 2:49PM
Business Wire
The Board of Trustees of Barings Participation Investors (NYSE:
MPV) (the “Trust”) today announced that it has declared a quarterly
dividend of $0.35 per share payable on January 19, 2024, to
shareholders of record on December 29, 2023. The final
determination of the source and tax characteristics of these
distributions will depend upon the Trust’s investment experience
during its fiscal year and will be made after the Trust’s year end
and will be reported on IRS Form 1099-Div.
Clifford Noreen, Chairman, stated, “We are pleased to announce
an increase of $0.01 per share to the Trust’s quarterly cash
dividend, which represents a 2.9% increase over the previous
dividend of $0.34 per share. Significant growth in net investment
income, due primarily to increases in base rates for our floating
rate holdings and quality credit selection, has led the Board of
Trustees to declare the sixth consecutive increase to the quarterly
dividend, further benefiting shareholders.”
On December 13, 2023, the Trust’s $15.0 million Senior Fixed
Rate Convertible Note matured, and the Trust entered into a new
$15.0 million Senior Floating Rate Convertible Note with
MassMutual. The new Senior Floating Rate Convertible Note has a
maturity date of December 13, 2033, and accrues interest at a rate
of SOFR plus 2.20%. Also on December 13, 2023, the Trust amended
its revolving credit agreement with MassMutual to increase the
commitment size by $7.5 million to a total of $22.5 million and
extend the maturity of the agreement to December 13, 2028. As of
December 14, 2023, the Trust had $6.8 million of outstanding
borrowings on the revolving credit facility.
The next scheduled meeting of the Board of Trustees will be held
on February 26, 2024.
Barings Participation 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 (“MPV”).
Per share amounts are rounded to the nearest cent.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE
RESULTS
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 on 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.
About Barings
Barings is a $347+ billion* global investment manager sourcing
differentiated opportunities and building long-term portfolios
across public and private fixed income, real estate, and specialist
equity markets. With investment professionals based in North
America, Europe and Asia Pacific, the firm, a subsidiary of
MassMutual, aims to serve its clients, communities and employees,
and is committed to sustainable practices and responsible
investment.
*As of September 30, 2023
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