TICC Capital reached an agreement in principle with the lender under its TICC Funding $150 million revolving credit facility regarding the lender’s consent to the proposed change of control transaction involving the company’s investment advisor and Benefit Street Partners. The lender’s consent is subject to confirmation of final terms of the change of control, negotiation of definitive documentation and other customary conditions.

According to a related 8-K filing, dated October 28, 2014, TICC Capital announced that its TICC Funding subsidiary entered into a $150 million revolving credit facility with Citibank as administrative agent.

As of June 30, 2015, the company had $150 million outstanding (at a rate of interest based on three month LIBOR plus a spread of 1.50% per annum) under the revolving credit facility, which was secured by approximately $279.3 million of the company’s portfolio investments.

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

New York, NY-based Benefit Street Partners is the credit investment arm of Providence Equity Partners, a global private equity firm. BSP and affiliates manage over $10 billion in assets across a broad range of credit strategies including high yield, levered loans, private / opportunistic debt, liquid credit, structured credit and commercial real estate debt.