NEW YORK--(BUSINESS WIRE)--Nov 3, 2022--
BlackRock Capital Investment Corporation (NASDAQ:BKCC) (“BCIC” or the “Company,” “we,” “us” or “our”) announced today that its Board of Directors declared a quarterly dividend of $0.10 per share, payable on January 6, 2023 to stockholders of record at the close of business on December 16, 2022.
______________________________________
1 Adjusted NII excludes the “hypothetical liquidation” basis capital gains incentive fee accrual (reversal) required under GAAP of zero and $(1.1) million for the third quarter and second quarter of 2022, respectively (refer to Supplemental Information for further details).
“We sustained our solid earnings momentum this quarter, demonstrating the strength of our increasingly diversified portfolio and our commitment to delivering solid risk-adjusted returns,” said James E. Keenan, Chairman and Interim CEO of the Company. “We are very pleased to announce that our NII exceeded our $0.10 dividend by 5% this quarter. Higher LIBOR and SOFR rates, an improved pricing environment on new originations, as well as strong fee income during the third quarter contributed to a 27% increase in adjusted quarterly NII. Our relatively modest leverage ratio of 0.71x allows us the flexibility to grow our portfolio and further increase its earnings power.
“Drawing upon the power of the BlackRock platform, we added 16 new portfolio companies during the quarter, substantially all of which were in senior secured debt. We have constructed a well-diversified portfolio with 111 portfolio companies as of the end of the quarter, representing significant progress from 47 portfolio companies at the end of 2019. We deployed $78 million in the third quarter on a gross basis – almost entirely in first lien loans. At the end of the quarter, 77% of our portfolio consisted of first lien investments, up from 74% at the end of 2021 and 34% at the end of 2019. Additionally, we reduced our non-core portfolio to less than 2% of our entire portfolio. This was driven by realization at par of our debt investment in MBS Opco, LLC ($12.2 million of proceeds including a $0.5 million distribution from our residual equity position in MBS Parent, LLC), previously our largest remaining non-core investment. We also fully exited our debt investments in Juul, Metricstream, Dude Solutions and Power Home. In each of these, we realized principal at par with an aggregate realized IRR of 11.6% across these names,” Mr. Keenan continued.
“Amidst the macroeconomic backdrop of high inflation, rising interest rates, supply chain constraints and softening consumer demand, we remain highly selective in underwriting new investments and vigilant in monitoring our existing portfolio. We believe that our portfolio is well positioned to withstand the impacts of an economic downcycle. During the third quarter, there were no new non-accrual investments.” Mr. Keenan concluded.
| September 30, 2022 | December 31, 2021 | December 31, 2020 | December 31, 2019 |
Portfolio Composition |
|
|
|
|
First Lien Debt | 77% | 74% | 50% | 34% |
Second Lien Debt | 17% | 19% | 27% | 23% |
Junior Capital 1 | 6% | 7% | 23% | 43% |
|
|
|
|
|
Portfolio Company Count | 111 | 86 | 55 | 47 |
Non-Core Assets |
|
|
|
|
Portfolio Company Count 2 | 4 | 5 | 6 | 9 |
Fair Market Value ("FMV", in Millions) | 11 | 26 | 42 | 120 |
% of investments, at FMV | 2% | 5% | 9% | 16% |
_______________________________________________
1. Includes unsecured/subordinated debt and equity investments.
2. Excludes portfolio companies with zero FMV.
Financial Highlights
| Q3 2022 | Q2 2022 | Q3 2021 | |||||||||
($'s in millions, except per share data) 2 | Total Amount |
| Per Share |
| Total Amount |
| Per Share |
| Total Amount |
| Per Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income/(loss) | $7.7 |
| $0.10 |
| $7.1 |
| $0.10 |
| $4.9 |
| $0.07 |
|
Net realized and unrealized gains/(losses) | $(2.1) |
| $(0.03) |
| $(9.7) |
| $(0.13) |
| $6.7 |
| $0.09 |
|
Basic earnings/(losses) | $5.6 |
| $0.08 |
| $(2.5) |
| $(0.03) |
| $11.6 |
| $0.16 |
|
Dividends declared | $7.3 |
| $0.10 |
| $7.4 |
| $0.10 |
| $7.4 |
| $0.10 |
|
Net Investment Income/(loss), as adjusted 2 | $7.7 |
| $0.10 |
| $6.0 |
| $0.08 |
| $6.2 |
| $0.08 |
|
Basic earnings/(losses), as adjusted 1 | $5.6 |
| $0.08 |
| $(3.6) |
| $(0.05) |
| $12.9 |
| $0.17 |
|
________________________________________________
1. Non-GAAP basis financial measure, excluding the hypothetical liquidation basis capital gain incentive fee accrual (reversal), if any, under GAAP. See Supplemental Information.
2. Totals may not foot due to rounding.
($'s in millions, except per share data) | September 30, 2022 | June 30, 2022 | December 31, 2021 | September 30, 2021 |
|
|
|
|
|
Total assets | $612.0 | $585.3 | $572.0 | $575.9 |
Investment portfolio, at FMV | $574.6 | $557.4 | $552.6 | $558.1 |
Debt outstanding | $260.9 | $237.0 | $196.9 | $201.4 |
Total net assets | $332.0 | $335.4 | $349.7 | $350.9 |
Net asset value per share | $4.56 | $4.57 | $4.73 | $4.74 |
Net leverage ratio 1 | 0.71x | 0.64x | 0.56x | 0.57x |
_______________________________________________
1. Calculated as the ratio between (A) debt, excluding unamortized debt issuance costs, less available cash and receivable for investments sold, plus payables for investments purchased, and (B) NAV.
Business Updates
Third Quarter Financial Updates
Portfolio and Investment Activity*
| Three Months Ended | |||||
($’s in millions) | September 30, 2022 | June 30, 2022 | September 30, 2021 | |||
|
|
|
|
|
|
|
Investment deployments | $78.0 |
| $73.5 |
| $62.8 |
|
Investment exits | $60.8 |
| $25.1 |
| $61.6 |
|
Number of portfolio company investments at the end of period | 111 |
| 100 |
| 78 |
|
Weighted average yield of debt and income producing equity securities, at FMV | 10.6% |
| 9.3% |
| 8.4% |
|
% of Portfolio invested in Secured debt, at FMV | 94% |
| 94% |
| 88% |
|
% of Portfolio invested in Unsecured/subordinated debt, at FMV | 4% |
| 4% |
| 5% |
|
% of Portfolio invested in Equity, at FMV | 2% |
| 2% |
| 7% |
|
Average investment by portfolio company, at amortized cost | $5.8 |
| $6.3 |
| $8.2 |
|
*Balance sheet amounts and yield information above are as of period end.
Liquidity and Capital Resources
Conference Call
BlackRock Capital Investment Corporation will host a webcast/teleconference at 10:00 a.m. (Eastern Time) on Friday, November 4, 2022, to discuss its third quarter 2022 financial results. All interested parties are welcome to participate. You can access the teleconference by dialing, from the United States, (877) 502-9276 or from outside the United States, +1 (786) 460-7166, 10 minutes before 10:00 a.m. and referencing the BlackRock Capital Investment Corporation Conference Call (ID Number 8305226). A live, listen-only webcast will also be available via the Investor Relations section of www.blackrockbkcc.com. This teleconference can also be accessed using Microsoft Edge, Google Chrome, or Firefox via this link: BlackRock Capital Investment Corporation Third Quarter 2022 Earnings Call. Once clicked-on, please enter your information to be connected. Please note that the link becomes active fifteen minutes prior to the scheduled start time.
The teleconference and the webcast will be available for replay by 3:00 p.m. on Friday, November 4, 2022 and ending at 3:00 p.m. on Friday, November 18, 2022. The replay of the teleconference can be accessed via the following link: BlackRock Capital Investment Corporation Third Quarter 2022 Earnings Call Replay. To access the webcast, please visit the investor relations section of www.blackrockbkcc.com.
Prior to the webcast/teleconference, an investor presentation that complements the earnings conference call will be posted to BlackRock Capital Investment Corporation’s website within the Presentations section of the Investors page ( https://www.blackrockbkcc.com/investors/news-and-events/disclaimer ).
About BlackRock Capital Investment Corporation
Formed in 2005, BlackRock Capital Investment Corporation is a business development company that provides 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. We invest primarily in middle-market companies in the form of senior debt securities and loans, and our investment portfolio may include junior secured and unsecured debt securities and loans, each of which may include an equity component.
BlackRock Capital Investment Corporation
Consolidated Statements of Assets and Liabilities
| September 30, 2022 |
| December 31, 2021 |
|
Assets | (Unaudited) |
|
|
|
Investments at fair value: |
|
|
|
|
Non-controlled, non-affiliated investments (cost of $559,525,663 and $520,501,274) | $551,835,929 |
| $526,504,945 |
|
Non-controlled, affiliated investments (cost of $4,866,587 and $5,027,616) | 4,303,205 |
| 4,131,978 |
|
Controlled investments (cost of $84,922,381 and $89,097,765) | 18,442,000 |
| 21,927,071 |
|
Total investments at fair value (cost of $649,314,631 and $614,626,655) | 574,581,134 |
| 552,563,994 |
|
Cash and cash equivalents | 29,859,866 |
| 12,750,121 |
|
Interest, dividends and fees receivable | 3,327,314 |
| 3,671,722 |
|
Due from broker | 1,878,136 |
| — |
|
Deferred debt issuance costs | 1,170,130 |
| 1,511,418 |
|
Receivable for investments sold | 415,514 |
| 690,550 |
|
Prepaid expenses and other assets | 722,184 |
| 788,469 |
|
Total assets | $611,954,278 |
| $571,976,274 |
|
Liabilities |
|
|
|
|
Debt (net of deferred issuance costs of $1,050,269 and $425,272) | $260,949,731 |
| $196,875,330 |
|
Dividends payable | 7,312,237 |
| 7,392,972 |
|
Payable for investments purchased | 3,532,831 |
| 11,679,798 |
|
Management fees payable | 2,118,115 |
| 2,122,519 |
|
Income incentive fees payable | 1,690,745 |
| 170,002 |
|
Accrued capital gains incentive fees | — |
| 1,544,569 |
|
Interest and debt related payables | 1,315,162 |
| 601,379 |
|
Interest Rate Swap at fair value | 1,214,658 |
| — |
|
Accrued administrative expenses | 345,707 |
| 384,225 |
|
Accrued expenses and other liabilities | 1,441,349 |
| 1,553,507 |
|
Total liabilities | 279,920,535 |
| 222,324,301 |
|
Net assets |
|
|
|
|
Common stock, par value $.001 per share, 200,000,000 common shares authorized, 84,481,797 and 84,478,251 issued and 72,890,231 and 73,876,987 outstanding | 84,482 |
| 84,478 |
|
Paid-in capital in excess of par | 848,052,543 |
| 852,360,178 |
|
Distributable earnings (losses) | (443,881,330) |
| (434,303,297) |
|
Treasury stock at cost, 11,591,566 and 10,601,264 shares held | (72,221,952) |
| (68,489,386) |
|
Total net assets | 332,033,743 |
| 349,651,973 |
|
Total liabilities and net assets | $611,954,278 |
| $571,976,274 |
|
Net assets per share | $4.56 |
| $4.73 |
|
BlackRock Capital Investment Corporation
Consolidated Statements of Operations
(Unaudited)
|
| Three Months Ended |
| Nine Months Ended |
| ||||
|
| September 30, 2022 |
| September 30, 2021 |
| September 30, 2022 |
| September 30, 2021 |
|
Investment income |
|
|
|
|
|
|
|
|
|
Interest income (excluding PIK): |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
| $14,733,808 |
| $11,247,240 |
| $37,986,722 |
| $28,507,317 |
|
Non-controlled, affiliated investments |
| — |
| — |
| — |
| 11,867 |
|
Controlled investments |
| — |
| — |
| — |
| 718,571 |
|
PIK interest income: |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
| 376,854 |
| 436,929 |
| 626,012 |
| 2,033,318 |
|
Non-controlled, affiliated investments |
| 114,909 |
| 123,521 |
| 347,377 |
| 360,535 |
|
Dividend income (excluding PIK): |
|
|
|
|
|
|
|
|
|
Non-controlled, affiliated investments |
| — |
| — |
| — |
| 71,500 |
|
Controlled investments |
| — |
| 483,038 |
| — |
| 1,531,013 |
|
PIK dividend income: |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
| 81,188 |
| — |
| 235,799 |
| — |
|
Other income: |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
| 718,634 |
| 223,598 |
| 1,280,725 |
| 410,588 |
|
Total investment income |
| 16,025,393 |
| 12,514,326 |
| 40,476,635 |
| 33,644,709 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Interest and other debt expenses |
| 3,337,735 |
| 2,973,408 |
| 8,927,377 |
| 8,695,681 |
|
Management fees |
| 2,118,115 |
| 2,086,219 |
| 6,125,146 |
| 5,661,669 |
|
Incentive fees on income |
| 1,621,402 |
| 79,383 |
| 1,709,758 |
| 79,383 |
|
Incentive fees on capital gains (1) |
| — |
| 1,291,952 |
| (1,544,569) |
| 1,291,952 |
|
Administrative expenses |
| 345,707 |
| 333,057 |
| 1,010,476 |
| 970,058 |
|
Professional fees |
| 214,022 |
| 301,976 |
| 724,368 |
| 968,969 |
|
Insurance expense |
| 187,022 |
| 204,197 |
| 582,894 |
| 605,158 |
|
Director fees |
| 149,375 |
| 158,125 |
| 455,625 |
| 464,375 |
|
Investment advisor expenses |
| 25,819 |
| 87,500 |
| 77,457 |
| 262,500 |
|
Other operating expenses |
| 363,161 |
| 167,737 |
| 1,129,757 |
| 781,251 |
|
Total expenses, before incentive fee waiver |
| 8,362,358 |
| 7,683,554 |
| 19,198,289 |
| 19,780,996 |
|
Incentive fee waiver |
| — |
| (79,383) |
| — |
| (79,383) |
|
Total expenses, net of incentive fee waiver |
| 8,362,358 |
| 7,604,171 |
| 19,198,289 |
| 19,701,613 |
|
Net investment income (1) |
| 7,663,035 |
| 4,910,155 |
| 21,278,346 |
| 13,943,096 |
|
Realized and unrealized gain (loss) on investments, Interest Rate Swap and foreign currency: |
|
|
|
|
|
|
|
|
|
Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
| 370,660 |
| 22,048,077 |
| 1,196,573 |
| 21,408,576 |
|
Non-controlled, affiliated investments |
| — |
| — |
| — |
| (7,989,591) |
|
Controlled investments |
| — |
| 524,445 |
| — |
| (10,515,629) |
|
Net realized gain (loss) |
| 370,660 |
| 22,572,522 |
| 1,196,573 |
| 2,903,356 |
|
Net change in unrealized appreciation (depreciation): |
|
|
|
|
|
|
|
|
|
Non-controlled, non-affiliated investments |
| (1,281,032) |
| (17,434,641) |
| (13,693,406) |
| 19,898,636 |
|
Non-controlled, affiliated investments |
| 102,585 |
| 31,709 |
| 332,256 |
| 7,019,899 |
|
Controlled investments |
| (232,073) |
| 1,522,554 |
| 690,314 |
| 16,349,397 |
|
Interest Rate Swap |
| (1,015,964) |
| — |
| (1,214,658) |
| — |
|
Foreign currency translation |
| — |
| — |
| — |
| (285,360) |
|
Net change in unrealized appreciation (depreciation) |
| (2,426,484) |
| (15,880,378) |
| (13,885,494) |
| 42,982,572 |
|
Net realized and unrealized gain (loss) |
| (2,055,824) |
| 6,692,144 |
| (12,688,921) |
| 45,885,928 |
|
Net increase (decrease) in net assets resulting from operations |
| $5,607,211 |
| $11,602,299 |
| $8,589,425 |
| $59,829,024 |
|
Net investment income per share—basic (1) |
| $0.10 |
| $0.07 |
| $0.29 |
| $0.19 |
|
Earnings (loss) per share—basic (1) |
| $0.08 |
| $0.16 |
| $0.12 |
| $0.81 |
|
Weighted average shares outstanding—basic |
| 73,170,323 |
| 74,081,693 |
| 73,551,057 |
| 74,221,550 |
|
Net investment income per share—diluted (1)(2) |
| $0.10 |
| $0.07 |
| $0.29 |
| $0.19 |
|
Earnings (loss) per share—diluted (1)(2) |
| $0.08 |
| $0.15 |
| $0.12 |
| $0.73 |
|
Weighted average shares outstanding—diluted |
| 73,170,323 |
| 91,075,430 |
| 83,884,141 |
| 91,215,287 |
|
(1) | Net investment income and per share amounts displayed above are net of the accrual (reversal) for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the nine month period ended September 30, 2022 and for the three and nine month periods ended September 30, 2021. Refer to Supplemental Information section below for further details and as adjusted figures that reflect that there were no incentive fees on capital gains realized and payable to the Advisor during such periods. |
(2) | For the nine month period ended September 30, 2022, the impact of the hypothetical conversion of the 2022 Convertible Notes was antidilutive. |
Supplemental Information
The Company reports its financial results on a generally accepted accounting principles (“GAAP”) basis; however, management believes that evaluating the Company’s ongoing operating results may be enhanced if investors have additional non-GAAP basis financial measures. Management reviews non-GAAP financial measures to assess ongoing operations and, for the reasons described below, considers them to be effective indicators, for both management and investors, of the Company’s financial performance over time. The Company’s management does not advocate that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
The Company records its liability for incentive fees based on capital gains (if any) by performing a hypothetical liquidation basis calculation at the end of each reporting period, as required by GAAP, which assumes that all unrealized capital appreciation and depreciation is realized as of the reporting date. It should be noted that incentive fees based on capital gains (if any) are not due and payable until the end of the annual measurement period, or every June 30. The incremental incentive fees disclosed for a given period are not necessarily indicative of actual full year results. Changes in the economic environment, financial markets, geopolitical conditions and other parameters could cause actual results to differ from estimates and such differences could be material. There can be no assurance that unrealized capital appreciation and depreciation will be realized in the future, or that any accrued capital gains incentive fee will become payable. Incentive fee amounts on capital gains actually paid by the Company will specifically exclude consideration of unrealized capital appreciation, consistent with requirements under the Investment Advisers Act of 1940 and the Company’s investment management agreement. For a more detailed description of the Company’s incentive fees, please refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, on file with the Securities and Exchange Commission ("SEC").
Computations for the periods below are derived from the Company's financial statements as follows:
| Three Months Ended | Nine Months Ended | ||||||
| September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||
GAAP Basis: |
|
|
|
|
|
|
|
|
Net Investment Income | $7,663,035 |
| $4,910,155 |
| $21,278,346 |
| $13,943,096 |
|
Net Investment Income per share | 0.10 |
| 0.07 |
| 0.29 |
| 0.19 |
|
Addback: GAAP incentive fee (reversal) based on capital gains | — |
| 1,291,952 |
| (1,544,569) |
| 1,291,952 |
|
Addback: GAAP incentive fee based on Income net of incentive fee waiver (if any) | 1,621,402 |
| — |
| 1,709,758 |
| — |
|
Pre-Incentive Fee 1: |
|
|
|
|
|
|
|
|
Net Investment Income | $9,284,437 |
| $6,202,107 |
| $21,443,535 |
| $15,235,048 |
|
Net Investment Income per share | 0.13 |
| 0.08 |
| 0.29 |
| 0.21 |
|
Less: Incremental incentive fee based on Income net of incentive fee waiver (if any) | (1,621,402) |
| — |
| (1,709,758) |
| — |
|
As Adjusted 2: |
|
|
|
|
|
|
|
|
Net Investment Income | $7,663,035 |
| $6,202,107 |
| $19,733,777 |
| $15,235,048 |
|
Net Investment Income per share | 0.10 |
| 0.08 |
| 0.27 |
| 0.21 |
|
1.Pre-Incentive Fee: Amounts are adjusted to remove all incentive fees. Such fees have been accrued (reversed) but are not due and payable at the reporting date.
2.As Adjusted: Amounts are adjusted to remove the GAAP accrual (reversal) for incentive fee based on capital gains (if any) and to include only the incremental incentive fee based on income. Adjusted amounts reflect the fact that no incentive fee on capital gains was realized and payable to the Advisor during the three and nine month periods ended September 30, 2022 and 2021, respectively. Under the current investment management agreement, incentive fee based on income is calculated for each calendar quarter and may be paid on a quarterly basis if certain thresholds are met.
Forward-looking statements
This press release, and other statements that BlackRock Capital Investment Corporation may make, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to BlackRock Capital Investment Corporation’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,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.
BlackRock Capital Investment Corporation cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which may change over time. Forward-looking statements speak only as of the date they are made, and BlackRock Capital Investment Corporation 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 Capital Investment Corporation’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 financial condition of and ability of our current and prospective 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 impact of increased competition; (11) the ability of our investment advisor to locate suitable investments for us and to monitor and administer our investments; (12) potential conflicts of interest in the allocation of opportunities between us and other investment funds managed by our investment advisor or its affiliates; (13) the ability of our investment advisor to attract and retain highly talented professionals; (14) changes in law and policy accompanying the new administration and uncertainty pending any such changes; (15) increased geopolitical unrest, terrorist attacks or acts of war, which may adversely affect the general economy, domestic and local financial and capital markets, or the specific industries of our portfolio companies; (16) changes and volatility in political, economic or industry conditions, the interest rate environment, inflation, credit risk, foreign exchange rates or financial and capital markets; (17) the unfavorable resolution of legal proceedings; and (18) the impact of changes to tax legislation and, generally, our tax position.
BlackRock Capital Investment Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 2, 2022, identifies additional factors that can affect forward-looking statements.
Available Information
BlackRock Capital Investment Corporation’s filings with the SEC, press releases, earnings releases and other financial information are available on its website at www.blackrockbkcc.com. The information contained on our website is not a part of this press release.
View source version on businesswire.com:https://www.businesswire.com/news/home/20221103006013/en/
CONTACT: Investors:
Nik Singhal
212.810.5427Press:
Brian Beades
212.810.5596
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE
SOURCE: BlackRock Capital Investment Corporation
Copyright Business Wire 2022.
PUB: 11/03/2022 04:02 PM/DISC: 11/03/2022 04:02 PM
http://www.businesswire.com/news/home/20221103006013/en