Benefit Street Partners L.L.C. completed the acquisition of December 31, 2017 Investment Portfolio of Triangle Capital Corporation from Triangle Capital Corporation for approximately $790 million.
July 31, 2018
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Benefit Street Partners L.L.C. entered into an asset purchase agreement to acquire December 31, 2017 Investment Portfolio from Triangle Capital Corporation (NYSE:TCAP) for approximately $980 million in cash on April 3, 2018. Simultaneously, Triangle entered into a stock purchase and transaction agreement with Barings LLC, pursuant to which Barings will become the investment advisor to Triangle following the closing of the asset sale to Benefit Street Partners. In case of termination of the transaction Triangle Capital Corporation, will pay Benefit Street Partners a termination fee of $18 million.
The transaction is subject to customary closing conditions, including approval from shareholders of Triangle Capital, regulatory approvals, any applicable period under HSR Act shall have expired or been terminated, pay off letter delivered to Benefit street by Triangle Capital, in respect to loan repayment. Barings, has selected Jonathan Bock to join as managing director in its Global Private Finance Platform. Based in Charlotte, he'll also serve as CFO of Barings BDC. The Board of Directors of Triangle unanimously approved the asset purchase agreement. The stockholders of Triangle Capital will hold a special meeting on July 24, 2018 to approve asset purchase agreement. As of July 24, 2018, TCAP shareholders approved the deal by a vote of 14.6 million to 13.5 million shares; they also narrowly approved golden parachute payments worth about $17.2 million to TCAP's top executives - all of whom are leaving the company when the deals close. When its stock purchase agreement with Barings for $235 million is complete, Barings will be TCAP's investment advisor in exchange for an $85 million payout. The transaction is expected to close in June or July of 2018. The net proceed from the sale will be used for the repayment of the debt.
Houlihan Lokey Capital Inc. served as financial adviser and Harry Pangas and Douglas Leary of Eversheds Sutherland (US) LLP served as legal counsel to Triangle. Paul Van Houten, Christopher Comeau, Michael Doherty, Patricia Lynch and Adam Leamon of Ropes & Gray LLP acted as legal advisors to Benefit Street Partners. Alliance Advisors, LLC acted as information agent to Triangle Capital. Kevin Miller and Aaron Dixon of Alston & Bird LLP acted as legal advisor to Houlihan Lokey Capital, financial advisor to Baring BDC, Inc.
Benefit Street Partners L.L.C. completed the acquisition of December 31, 2017 Investment Portfolio of Triangle Capital Corporation from Triangle Capital Corporation (NYSE:TCAP) for approximately $790 million on July 31, 2018.
Barings BDC, Inc. is a closed-end, non-diversified investment company. The Companyâs investment objective is to generate current income by investing directly in privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. The Company invest in predominately senior secured private debt investments in middle-market businesses that operate across a range of industries. It invests primarily in loans that have terms of between five and seven years, and bear interest at rates ranging from London Interbank Offered Rate (LIBOR) (or an applicable successor rate) plus 450 basis points to LIBOR plus 650 basis points per annum. Its investment capabilities include first lien debt, unitranche, second lien debt and equity co-investments. It invests in various industries, including manufacturing and distribution, business services and technology, and transportation and logistics. Its investment activities are managed by its investment adviser, Barings LLC.
Benefit Street Partners L.L.C. completed the acquisition of December 31, 2017 Investment Portfolio of Triangle Capital Corporation from Triangle Capital Corporation for approximately $790 million.
BARINGS BDC, INC. 
