Daily News: October 29, 2014

Citibank Provides New Facility to TICC Capital

TICC Capital announced that TICC Funding, a special purpose vehicle and wholly-owned subsidiary of TICC Capital, entered into a revolving credit facility with Citibank.

The company also announced that it used part of the proceeds from the Facility to redeem all of the $101.25 million of secured notes issued by TICC CLO LLC.

Subject to certain exceptions, pricing under the facility is based on the LIBOR for an interest period equal to three months plus a spread of 1.50% per annum. The secured notes previously issued under TICC CLO were based on LIBOR for an interest period of three months plus a spread of 2.25% per annum.

Pursuant to the terms of the credit agreement governing the facility, TICC Funding has borrowed, on a revolving basis, the maximum aggregate principal amount of $150.0 million. All amounts borrowed under the facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on October 27, 2017.

Greenwich, CT-based TICC Capital is a publicly-traded business development company principally engaged in providing capital to established small and mid-size companies, investing in syndicated bank loans and purchasing debt and equity tranches of collateralized loan obligations.