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Tuesday, July 19, 2016 10:01:34 AM
GREENWICH, Conn.--(BUSINESS WIRE)--TICC Capital Corp. (NASDAQ:TICC) (“TICC” or the “Company”) today announced that during the quarter ended June 30, 2016 it exited (through sales and repayments, excluding amortization payments) $59.1 million of 1st and 2nd Lien syndicated corporate loans at an average price of 100.2% of the par value of such loans and an estimated weighted average yield at exit price of 6.89%(1). This was consistent with the Company’s ongoing strategy of rotating its corporate loan portfolio into higher-yielding, less liquid loans that it will hold on a less-levered basis. Also during the same quarter, TICC purchased $36.0 million of 1st and 2nd Lien corporate loans at an average price of 92.6% of the par value of such loans and an estimated weighted average yield at purchase price of 11.60%(1).
That portfolio rotation resulted in a weighted average yield increase of approximately 4.7% on the $36.0 million of reinvested capital. Since the end of the second quarter, TICC has deployed additional capital and continues to believe that its rotation strategy presents the Company with an attractive risk-adjusted opportunity in the current market environment.
(1) The weighted average yield is calculated based on the exit/purchase price of the investments and the interest expected to be received using the stated rate of interest on the date of exit/purchase assuming a 5-year exit (which is based on the Company’s historical investment assumptions) or to maturity, whichever is sooner.
About TICC Capital Corp.
TICC Capital Corp. 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.
http://www.businesswire.com/news/home/20160719005907/en/TICC-Update-Loan-Rotation-Strategy-Quarter-2016
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