BlackRock TCP Capital Corp. Issues Notice of Redemption of All of Its Outstanding 4.125% Notes Due 2022

Rhea-AI Summary

BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced a notice of redemption for its $175 million 4.125% Notes due 2022, effective September 17, 2021. Investors will receive either 100% of the principal amount or the present value of remaining payments discounted at the Treasury Rate plus 40 basis points. This press release does not serve as a redemption notice, and holders should consult the trustee for details. The Company focuses on lending to middle-market and small businesses, aiming for high returns while ensuring principal protection.

Positive

• Issuing notice of redemption may streamline debt obligations.
• Focus on lending to established businesses may lead to stable returns.

Negative

• Redemption may indicate potential refinancing needs or cash flow challenges.

BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“TCPC” or the “Company”) announced today that it has issued a notice of redemption for all of the $175,000,000 in aggregate principal amount of its issued and outstanding 4.125% notes due 2022 (the “2022 Notes”). As set forth in the notice of redemption issued today pursuant to the terms of the indenture governing the 2022 Notes, the redemption date will be September 17, 2021 and the redemption price will equal the greater of (i) 100% of the principal amount of the 2022 Notes to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the Redemption Date) on the 2022 Notes to be redeemed, discounted to the redemption rate on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 40 basis points plus, in each case, accrued and unpaid interest to the redemption date.

This press release does not constitute a notice of redemption of the 2022 Notes. Holders of the 2022 Notes should refer to the notice of redemption delivered to the registered holders of the 2022 Notes by U.S. Bank National Association, the trustee with respect to the 2022 Notes.

Investors are advised to carefully consider the investment objective, risks, charges and expenses of TCPC before investing.

This press release is not an offer to sell any securities of the Company and is not soliciting an offer to buy such securities in any state where such offer and sale is not permitted.

ABOUT BLACKROCK TCP CAPITAL CORP.

BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. TCPC’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, Tennenbaum Capital Partners, LLC, a wholly-owned, indirect subsidiary of BlackRock, Inc.

FORWARD-LOOKING STATEMENTS

Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. This information and other information about the Company are available in the Company’s filings with the SEC. Copies are available on the SEC’s website at www.sec.gov and the Company’s website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual financial results could differ materially from those projected in this press release due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the Company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors that could cause actual results to differ materially from those contained in this press release are included in the “Risk Factors” section of the company’s Form 10-K for the year ended December 31, 2020, the “Risks” section of the Company’s prospectus dated August 16, 2019 and its preliminary prospectus supplement dated August 18, 2021, and the Company’s subsequent periodic filings with the SEC. Copies are available on the SEC’s website at www.sec.gov and the company’s website at www.tcpcapital.com. Forward-looking statements are made as of the date of this press release and are subject to change without notice. The Company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.

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FAQ

What is the redemption date for TCPC's 2022 Notes?

The redemption date for TCPC's 2022 Notes is September 17, 2021.

What is the total amount of TCPC's 2022 Notes being redeemed?

The total amount of TCPC's 2022 Notes being redeemed is $175 million.

How will the redemption price for TCPC's 2022 Notes be calculated?

The redemption price will be the greater of 100% of the principal amount or the present value of remaining payments discounted at the Treasury Rate plus 40 basis points.

Where can I find more information about the redemption notice for TCPC?

Holders can refer to the notice of redemption delivered by U.S. Bank National Association, the trustee for the 2022 Notes.

What does TCPC focus on as a specialty finance company?

TCPC focuses on direct lending to middle-market and small businesses with established market positions.