TICC Announces Closing of $160M CLO Transaction

TICC Capital Corp.

announced today that on August 23, 2012 it closed a $160 million collateralized loan obligation (CLO) transaction. The secured and subordinated notes of the CLO were issued by a newly formed special purpose vehicle that is a wholly-owned subsidiary of TICC. TICC presently owns all of the subordinated notes and $3.0 million of the class D-1 notes issued in the CLO transaction. The secured notes have an aggregate face amount of $120 million and wer issued in four classes. The class A-1 notes have an initial face amount of $88 million, are rated AAA(sf)/Aaa(sf) by Standard & Poor Ratings Services (S&P) and Moody's Investors Service, Inc. (Moody's respectively, and bear interest at three-month LIBOR plus 1.75%. Th class B-1 notes have an initial face amount of $10 million, are rat AA(sf)/Aa2(sf) by S&P and Moody's, respectively, and bear interest three-month LIBOR plus 3.50%. The class C-1 notes have an initial face amount of $11.5 million, are rated A(sf)/A2(sf) by S&P and Moody's, respectively, and bear interest at three-month LIBOR plus 4.75%. The class D-1 notes have an initial face amount of $10.5 million, are rated BBB(sf)/Baa2(sf) by S&P and Moody's, respectively, and bear interest at three-month LIBOR plus 5.75%. The secured notes have a stated maturity date of August 25, 2023 and are subject to a two year non-call period. The CLO has a four year reinvestment period.