The shareholders of THL Credit, a direct lender to middle market companies, approved entry into an investment management agreement with First Eagle Alternative Credit, formerly known as THL Credit Advisors. The new investment management agreement replaces a prior interim agreement with THL Credit Advisors and is effective immediately.
First Eagle Alternative Credit is an investment manager formed by the combination of THL Credit Advisors and First Eagle Investment Management’s credit business. With assets under management and advisement of approximately $23 billion as of March 31, 2020, First Eagle Alternative Credit is a provider of tradable credit and middle market direct lending.
“Strong and consistent shareholder alignment is one of our enduring commitments as well as a competitive advantage, and we appreciate the continued support of our stockholders,” Chris Flynn, president of First Eagle Alternative Credit, said. “As part of the First Eagle platform, we remain acutely focused on maximizing long-term shareholder value as we navigate the investment environment presented by this unprecedented health crisis.”
Additionally, THL Credit intends to change its name to First Eagle Alternative Credit BDC. Following this name change, the company will continue to be listed on NASDAQ and will trade under the ticker symbol FCRD.
