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BlackRock TCP Capital Corp. (TCPC) has completed a merger with BlackRock Capital Investment (BKCC), resulting in TCPC trading on Nasdaq under the ticker symbol 'TCPC'. Former BCIC shareholders will receive 0.3834 shares of TCPC for each BCIC share. The merger positions TCPC for growth, with legacy TCPC shareholders owning 67.5% and former BCIC shareholders owning 32.5% of the combined entity.
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BlackRock TCP Capital Corp. (TCPC) announces the merger with BlackRock Capital Investment (BCIC), creating a combined company on the Nasdaq under the ticker symbol 'TCPC'. Former BCIC shareholders will receive 0.3834 shares of TCPC per BCIC share. The merger results in TCPC shareholders owning 67.5% and former BCIC shareholders owning 32.5% of the combined entity. TCPC's advisor agreed to reduce the management fee rate and waive advisory fees under certain conditions.
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BlackRock TCP Capital Corp. (TCPC) and BlackRock Capital Investment Corporation (BKCC) have received shareholder approval for their merger, with over 90% of shareholders voting in favor. Rajneesh Vig expressed gratitude for the strong support.
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BlackRock Capital Investment Corporation (BKCC) reported a 3% decrease in GAAP Net Investment Income (NII) to $9.3 million in the fourth quarter, with a 15% year-over-year increase. The Net Asset Value (NAV) decreased to $315.7 million, with a NAV per share of $4.35. The company's gross deployments were $25.4 million, with a weighted average yield of 11.9%. The merger with BlackRock TCP Capital Corp. is expected to close in the first quarter of 2024.
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BlackRock Capital Investment Corporation (BKCC) will report earnings for the fourth quarter of 2023 on March 5, 2024, followed by a webcast/teleconference on March 6, 2024. Interested persons can attend the discussion of financial results and access the earnings release on the company's website. The teleconference and webcast will be available for replay until March 20, 2024.
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BlackRock Capital Investment Corporation (BKCC) announced a 7% increase in NII to $9.5 million in Q3 2023, with a 24% year-over-year increase. NAV increased to $317.6 million, driven by $2.3 million of NII in excess of the declared dividend and $1.3 million of net realized and unrealized gains on the portfolio. Gross deployments totaled $40.3 million, with a weighted average yield of 13.4%. The company's weighted-average portfolio yield was 12.8% as of September 30, 2023. The company's net leverage was 0.84x, down slightly from the prior quarter. The company also announced a proposed merger with BlackRock TCP Capital Corp.
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BlackRock Capital Investment Corporation (BKCC) will report earnings for Q3 2023 on November 8, 2023, with a webcast/teleconference on November 9, 2023. The earnings release will be available on their website. The teleconference and webcast will be available for replay until November 23, 2023.
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BlackRock Capital Investment Corporation has entered into an amendment to its senior secured revolving credit agreement, extending the maturity date of the loans and commitments, reducing the applicable margin and commitment fee, and permitting a merger with Project Spurs Merger Sub. The Revolving Credit Facility includes an 'accordion' feature to increase its size. Usage of the facility is subject to a borrowing base and is secured by assets. BCIC's legal counsel is Skadden, Arps, Slate, Meagher & Flom LLP.
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BlackRock TCP Capital Corp. and BlackRock Capital Investment Corporation have announced a merger agreement, subject to shareholder approval and closing conditions. TCPC will continue to trade on Nasdaq under the ticker symbol 'TCPC'. The merger is expected to create enhanced scale, improved access to capital, and operating synergies. The advisor has agreed to reduce the base management fee rate from 1.50% to 1.25% and waive advisory fees under certain conditions. The merger is expected to be accretive to net investment income over time. The combined portfolio will be diversified with significant overlap. The transaction is expected to close in Q1 2024.
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BlackRock Capital Investment Corporation (BKCC) announced its Q2 2023 financial results. GAAP Net Investment Income (NII) was $8.9 million, consistent with Q1. NAV decreased to $314.0 million, driven by net unrealized depreciation. Gross deployments were $20.8 million with a weighted average yield of 12.1%. 3 new portfolio companies were added. Net leverage was 0.86x. Total available liquidity at quarter-end was $85.4 million.
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