TICC to sell shares, raise funds to invest in small, mid-sized firms

By Toni Weeks

San Luis Obispo, Calif., March 18 - TICC Capital Corp. is planning to sell up to 3 million common shares via bookrunner Barclays, according to a 497 filing with the Securities and Exchange Commission. There will be a greenshoe for an additional 450,000 shares.

The closed-end, non-diversified management investment company seeks to maximize total return by investing in corporate debt securities of primarily non-public small to mid-size companies. Investments may include bilateral loans, syndicated loans and structured finance investments, such as collateralized loan obligation investment vehicles, that own debt securities.

The company's stock closed at $10.46 (Nasdaq Global Select: TICC) on Friday, and its net asset value was $9.90 as of Dec. 31.

The sales load will be 4%. The base management fee is 4.02%. Including other fees and expenses, total annual expenses are expected to be 13.43%.

Greenwich, Conn.-based TICC Management, LLC, a subsidiary of BDC Partners, will be the investment adviser for the offering. Jonathan H. Cohen and Saul B. Rosenthal, Darryl Monasebian and Hari Srinivasan are the key personnel who manage TICC investments.

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