M&A
confidence high
sentiment neutral
materiality 0.65
Terra Property Trust provides pro forma financials for merger with Terra Income Fund 6
Terra Property Trust, Inc.
- Merger completed Oct 1, 2022; each Terra BDC share exchanged for 0.595 TPT Class B shares plus cash for fractional shares.
- Aggregate consideration ~$73.4M, based on TPT NAV of $14.66/share as of Sept 30, 2022.
- Pro forma net loss for 9 months ended Sept 30, 2022: ($4.35M) or ($0.18) per diluted share.
- Pro forma net loss for year ended Dec 31, 2021: ($7.72M) or ($0.32) per diluted share.
- Adjustments include elimination of intercompany loan participations and recognition of ~$3.5M gain on debt extinguishment.