TICC to invest in loans of small, mid-sized firms via stock proceeds

By Toni Weeks

San Luis Obispo, Calif., March 13 - TICC Capital Corp. will conduct a public offering of up to 6 million common shares with an over-allotment option for an additional 900,000 shares, according to a 497 filing with the Securities and Exchange Commission.

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. Debt investments may include bilateral and syndicated loans as well as structured finance investments that own debt securities, including collateralized loan obligation investment vehicles.

Barclays, Deutsche Bank Securities Inc. and UBS Securities LLC are the joint bookrunners.

The company's stock closed at $10.35 (Nasdaq Global Select: TICC) on Wednesday, and its net asset value was $9.85 as of Dec. 31.

The sales load was not disclosed in the filing. The base management fee is 3.96%. Including other fees and expenses, total annual expenses are expected to be 12.52%.

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

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