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Capital Southwest withdraws voluntary partial redemption of notes due 2022

Capital Southwest Corp. no longer intends to redeem $35 million of the approximately $77.1 million aggregate principal amount of issued and outstanding 5.95% notes due December 2022 previously scheduled to be redeemed April 3.

The company notified the SEC on March 26 that it has rescinded the notice previously provided in connection with the redemption of the notes.

Capital Southwest President and CEO Bowen Diehl said in a news release that given the current economic uncertainty caused by the coronavirus pandemic, "the most prudent course of action" is to postpone the optional partial redemption of the 2022 notes to a time when more certainty exists in the market. Capital Southwest believes that it is in the best interests of the company and its stakeholders to preserve capital until both the severity of the impact and timing of recovery in the market is better understood, according to Diehl.

The company will continue to consider partially redeeming the 2022 notes in time, prior to their stated maturity.

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