Stellus Capital Investment Corporation Announces Board Changes
May 12, 2020 at 06:00 am EDT
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The Board of Stellus Capital Investment Corporation received notice that Paul Keglevic intends to retire from service as a member of the Board, effective May 15, 2020. Further, on May 8, 2020, the Board received notice that Joshua T. Davis intends to resign from service as a member of the Board, effective May 15, 2020 for the Company to maintain a Board with
a majority of independent directors as required by the 1940 Act. Mr. Keglevic's retirement and Mr. Davis's resignation from service as members of the Board are amicable and without conflict, and were not a result of any disagreement on any matter relating to the Company's operations, policies or practices. Mr. Davis will continue as a partner and co-head of Stellus Capital's Private Credit strategy and on its investment committee. As a result of his resignation, Mr. Davis will not stand for reelection at the upcoming annual meeting of stockholders.
In connection with Mr. Keglevic's retirement, the Board appointed J. Tim Arnoult as chair of the Board's Audit Committee, effective May 15, 2020. The Board has also designated Mr. Arnoult an "audit committee financial expert," as that term is defined in Item 407 of Regulation S-K under the Exchange Act. Effective May 15, 2020, the members of the audit committee will be Mr. Arnoult, Bruce R. Bilger and William C. Repko. In addition, effective May 15, 2020, Mr. Bilger was appointed chair of the Nominating and Corporate Governance
Committee. Effective May 15, 2020, the Board appointed Messrs. Bilger, Arnoult, and Repko, each of whom is independent for purposes of the 1940 Act and the NYSE corporate governance regulations, as the members of the Nominating and Corporate Governance Committee.
Stellus Capital Investment Corporation is an externally managed, closed-end, non-diversified management investment company that operates as a business development company. Its investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments in middle-market companies. It seeks to achieve its investment objective by originating and investing primarily in private United States middle-market companies (typically those with $5.0 million to $50.0 million of earnings before interest, taxes, depreciation and amortization (EBITDA)) through first lien, second lien, unitranche and unsecured debt financing, with corresponding equity co-investments. It invests in various sectors, such as, services: business, healthcare and pharmaceuticals, consumer goods: durable, consumer goods: non-durable, media: diversified and production others. Its investment adviser is Stellus Capital Management, LLC.
STELLUS CAPITAL INVESTMENT CORPORATION 
