Crescent Capital BDC merged with First Eagle Alternative Capital BDC. The combined company, which will remain externally managed by Crescent Cap Advisors, a subsidiary of Crescent Capital Group, has more than $1.6 billion of assets on a pro forma basis based on Dec. 31, 2022 financial information.

“We are excited to close the acquisition of First Eagle BDC, as we expect this transaction will provide both strategic and financial benefits to our new and existing stockholders,” Jason Breaux, president and CEO of Crescent BDC, said. “In addition to being accretive to core earnings, this merger increases our market presence, improves our access to capital and enhances asset diversification, while staying true to our core strategy of maintaining a high quality, senior secured, first lien-focused portfolio.”

Wells Fargo Securities served as sole financial advisor and Kirkland & Ellis served as legal counsel to Crescent BDC. Keefe, Bruyette and Woods served as financial advisor and Simpson Thacher & Bartlett served as legal counsel to First Eagle BDC.