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Flat Rock Capital board approves lower asset coverage ratio

Flat Rock Capital Corp.'s board approved the reduction in the required asset coverage ratio to 150% from 200%, effective May 30, 2019.

The company filed its initial tender offer June 27 to comply with the requirement that the company extend within 12 months of May 30, 2018, to each of the company's shareholders as of May 30, 2018, the offer to sell the securities held by that shareholder as of that date.

On Aug. 7, the company filed its second tender offer to purchase from shareholders as of July 31 up to 315,818 of the company's common shares. The initial tender offer and the second tender offer represented 25% of the total issued and outstanding common shares of the company as of the relevant period.