Welcome to our dedicated page for Crescent Capital BDC news (Ticker: CCAP), a resource for investors and traders seeking the latest updates and insights on Crescent Capital BDC stock.
Crescent Capital BDC, Inc. (NASDAQ: CCAP) is an externally managed, closed-end, non-diversified management investment company. Its primary goal is to maximize total return for stockholders through a mix of current income and capital appreciation. Crescent Capital BDC achieves this by investing in both secured and unsecured debt along with related equity securities, primarily in private U.S. middle-market companies. The company's portfolio includes senior secured, unitranche, second lien, mezzanine, and subordinated debt.
As of December 31, 2023, Crescent Capital BDC had investments in 186 portfolio companies, with an aggregate fair value of $1,582.1 million. The company's debt to equity ratio was 1.15x, indicating a balanced financial approach. It had $21.5 million in cash and cash equivalents and $314.5 million in undrawn credit capacity.
Recent financial updates highlight the company's proactive investment strategies. As of June 30, 2023, Crescent Capital BDC's weighted average interest rate on outstanding debt was 6.73%. Additionally, the company engages in unitranche loans, where it may retain a 'last out' portion for a higher interest rate in exchange for added risk.
For the latest quarterly earnings, Crescent Capital BDC offers replays of their earnings calls via webcast links on their Investor Relations section. These calls provide insights into their investment activities and financial conditions. The company's strategic partnerships and investment approaches position it as a significant player in the middle-market investment landscape.
Crescent Capital BDC, Inc. (NASDAQ: CCAP) has announced the schedule for its financial results for the first quarter ended March 31, 2023. The results will be released on May 10, 2023, after market close, followed by a webcast and conference call on May 11, 2023, at 12:00 p.m. ET. Interested parties can access the conference call by dialing (888) 886-7786 and entering Conference ID 29533312. A replay will be available on the Investor Relations section of Crescent BDC's website. Crescent BDC focuses on maximizing total returns for its stockholders through capital solutions to middle market companies, leveraging the expertise of Crescent Capital Group LP, which manages over $40 billion in assets.
Crescent BDC announced it has no direct exposure to Silicon Valley Bank (SVB) or Signature Bank, following recent developments impacting the banking sector. The company does not hold cash accounts or credit facilities with either institution. Limited indirect exposure exists through a few portfolio companies with minimal SVB deposits, deemed immaterial to operations. The Treasury's decision to protect depositors mitigates risks for these companies. Crescent BDC's portfolio remains unaffected by liquidity issues, ensuring investor confidence in its financial stability.
Crescent Capital BDC (NASDAQ: CCAP) has completed its merger with First Eagle Alternative Capital BDC (formerly NASDAQ: FCRD), creating a combined entity with over $1.6 billion in assets. As part of the merger, First Eagle BDC stockholders will receive $0.29 in cash, 0.20635 shares of Crescent BDC, and $1.17 in cash for transaction support. Crescent BDC’s net asset value per share was $19.91 as of March 7, 2023. The merger aims to enhance market presence, increase capital access, and diversify assets while being accretive to core earnings. Additionally, Sun Life Financial will purchase up to $20 million of the combined company’s common stock.
First Eagle Alternative Capital BDC, Inc. (NASDAQ: FCRD) and Crescent Capital BDC, Inc. (NASDAQ: CCAP) announced the Election Deadline for FCRD stockholders to choose between cash consideration or CCAP common stock as part of their merger. The deadline is set for 5:00 p.m. ET on March 2, 2023, ahead of the special stockholders' meeting scheduled for March 7, 2023. Upon merger completion, FCRD stockholders will receive consideration based on CCAP’s net asset value and an additional cash payment of $35 million from CCAP Advisor, distributed per share of FCRD. Stockholders must submit their elections on time to be eligible for their choice.
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