Crescent Capital BDC, Inc. (CCAP): M&A transaction — Crescent Capital BDC completes merger with First Eagle BDC; combined assets >$1.6B

Crescent Capital BDC, Inc.

FCRD stockholders received $0.29 cash, 0.20635 CCAP shares, and $1.17 transaction support per share.
CCAP issued ~6.17M shares; legacy CCAP holders own ~83%, former FCRD holders ~17% of combined company.
Sun Life committed to purchase up to $20M of CCAP shares via share purchase program for secondary-market support.
Combined company >$1.6B assets based on Dec 31, 2022 info; expected to be accretive to core earnings.
Merger increases market presence and asset diversification while maintaining senior secured, first lien-focused portfolio.

item 1.01 item 2.03 item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Crescent Capital BDC, Inc. incurred senior notes of $111.6 million with U.S. Bank National Association at 5.00% per year maturing May 25, 2026.

Instrument: senior notes
Principal: $111.6 million
Counterparty: U.S. Bank National Association
Rate: 5.00% per year
Maturity: May 25, 2026
Event: incurrence

Exact text from the filing

On March 9, 2023, CCAP entered into a fifth supplemental indenture (the "Fifth Supplemental Indenture") by and between CCAP and U.S. Bank National Association, as trustee (the "Trustee"), effective as of the closing of the Third Merger. The Fifth Supplemental Indenture relates to CCAP's assumption of $111.6 million in aggregate principal amount of FCRD's 5.00% Notes due 2026 (the "Notes").

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Crescent Capital BDC, Inc. completed an acquisition involving First Eagle Alternative Capital BDC, Inc. for cash and shares of CCAP common stock (closed 2023-03-09).

Action: acquisition
Counterparty: First Eagle Alternative Capital BDC, Inc.
Consideration: cash and shares of CCAP common stock
Closing: 2023-03-09

Exact text from the filing

On March 9, 2023, Crescent Capital BDC, Inc, a Maryland corporation (“CCAP”) completed its previously announced acquisition of First Eagle Alternative Capital BDC, Inc., a Delaware corporation (“FCRD”), pursuant to the Agreement and Plan of Merger

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Crescent Capital BDC, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-066479

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