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     226  0 Kommentare TICC Capital Corp. Announces Material Changes to Proposed New Investment Advisory Agreement With Benefit Street Partners L.L.C.

    GREENWICH, CT--(Marketwired - Sep 3, 2015) - TICC Capital Corp. (NASDAQ: TICC) (the "Company," "TICC," "we," or "our") announced today that the previously announced proposed new investment advisory agreement with Benefit Street Partners L.L.C. ("BSP") has been revised and now includes the following:

    • a permanent annual base management fee reduction to 1.50% from 2.00%; and
    • a commitment by various members and affiliates of BSP and TICC Management, LLC to purchase a minimum of $20 million of TICC's common stock within twelve months after entry into the investment advisory agreement.

    As previously noted, BSP intends to transition TICC's investment strategy to primarily focus on private debt investments. 

    BSP is the credit investment arm of Providence Equity Partners, a leading global private equity firm with more than $40 billion in committed investor capital. BSP and its affiliates manage over $10 billion in assets under management across a broad range of credit strategies including high yield, levered loans, private/opportunistic debt, liquid credit, structured credit and commercial real estate debt.

    Following the formation of a Special Committee of TICC's Board of Directors to review the totality of the proposed new investment advisory agreement with BSP and to consider a proposed alternative, the Special Committee, comprised solely of independent directors, and the Company's full Board of Directors have each unanimously concluded, after several weeks of consideration, that the investment advisory agreement with BSP as revised continues to be in the best long-term interests of the Company and its shareholders. The Special Committee was advised by independent legal advisors.

    Steve Novak, the Chairman of both the Company's Audit Committee and Special Committee stated that "in view of the totality of factors involving BSP and the proposed new investment advisory agreement overall, we strongly believe that the investment advisory agreement is consistent with our long-term objectives and our vision for TICC to participate in the corporate loan market with the benefit of a strong and proprietary origination capability. We are gratified that BSP has determined to make this significant and permanent commitment to the Company and to our shareholders, and we note that the Company's overall fees and expenses are now expected to be among the lowest in the BDC industry. The change will have an immediate and ongoing benefit to our distributable earnings and dividends. It is worth noting that the permanent reduction in the annual base management fee will provide the Company with an immediate and substantial benefit on a net present value basis. Moreover, that value stands to increase substantially over many years as the Company is able to grow its base of assets. We reiterate our very strong support for and commitment to the proposed new investment advisory agreement with BSP." 

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    TICC Capital Corp. Announces Material Changes to Proposed New Investment Advisory Agreement With Benefit Street Partners L.L.C. GREENWICH, CT--(Marketwired - Sep 3, 2015) - TICC Capital Corp. (NASDAQ: TICC) (the "Company," "TICC," "we," or "our") announced today that the previously announced proposed new investment advisory agreement with Benefit Street Partners L.L.C. …