TICC to repay, cancel revolver by year’s end via loan sale proceeds

By Wendy Van Sickle

Columbus, Ohio, Nov. 18 – TICC Capital Corp. plans to repay and terminate its revolving credit facility before year-end with proceeds from the recent sale of $117 million of syndicated corporate loans and with cash on its balance sheet, according to a press release.

The syndicated corporate loans had been held by TICC Funding LLC, a subsidiary of the company, and were sold at a weighted average price of 98.9% of par.

The company said its strategy is to rotate out lower-yielding corporate loan assets held within a leveraged credit facility into higher-yielding loans held on a less levered basis.

TICC is a business development company focused on small and mid-size companies and is based in Greenwich, Conn.

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