Dechert Archives - Page 2 of 3

Franklin BSP Lending and Franklin BSP Capital Acquire Encina Equipment Finance

Franklin BSP Lending and Franklin BSP Capital, business development companies advised by affiliates of Benefit Street Partners, acquired substantially all of the equity interests of Encina Equipment Finance.

SLR Investment Corp. and SLR Senior Investment Corp. Agree to Merge

SLR Investment Corp. (SLRC) and SLR Senior Investment Corp. (SUNS) entered into an agreement to merge together, with SLRC as the surviving company, subject to stockholder approval and customary closing conditions.

Sycamore Tree Capital Partners Closes Inaugural CLO at $403.3MM

Sycamore Tree Capital Partners closed its inaugural collateralized loan obligation, Sycamore Tree CLO 2021-1, which totals $403.3 million. Citibank Securities served as the underwriter and Dechert acted as legal counsel to Sycamore Tree Capital Partners on the transaction.

Encina Business Credit Announces Recapitalization, Changes Name to Eclipse Business Capital

Encina Business Credit announced a recapitalization and an expanded capital base provided by affiliated funds of Barings along with participation from Encina management. In conjunction with the recapitalization, Encina changed its name to Eclipse Business Capital.

U.S. Bank Enters Agreement to Acquire PFM Asset Management

U.S. Bank entered into a definitive agreement to purchase PFM Asset Management under its subsidiary, U.S. Bancorp Asset Management. PFM Asset Management will continue to operate as a separate entity. The agreement was signed on July 7 and is expected to close in Q4/21.

Horizon Launches Special Purpose Vehicle with Waterfall Asset Management

Horizon Technology Finance Management entered into an agreement with Waterfall Asset Management to originate and manage a venture debt portfolio. Horizon will originate and manage an initial commitment of $100 million, with the potential to increase to $300 million over time.

Oaktree Specialty Lending Completes Merger with Oaktree Strategic Income

Oaktree Specialty Lending closed its previously announced merger with Oaktree Strategic Income Corporation (OCSI), with Oaktree Specialty Lending as the surviving company.

Harvest Capital Credit and Portman Ridge Finance to Merge

Harvest Capital Credit (HCAP) and Portman Ridge Finance (PTMN) entered into a definitive agreement under which HCAP will merge with and into PTMN, a business development company managed by Sierra Crest Investment Management.

Oaktree Specialty Lending Merges with Oaktree Strategic Income

Oaktree Specialty Lending and Oaktree Strategic Income are merging, with Oaktree Specialty Lending as the surviving company. Oaktree Fund Advisors waived a total of $6 million of management fees for two years following closing in support of the merger.

Goldman Sachs BDC Closes Merger with Goldman Sachs Middle Market Lending

Goldman Sachs BDC completed its merger with Goldman Sachs Middle Market Lending. BofA Securities and Dechert served as financial and legal advisors to Goldman Sachs BDC, while Morgan Stanley and Eversheds Sutherland served as the financial and legal advisors to Goldman Sachs Middle Market Lending.

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