BOSTON, June 23, 2020 (GLOBE NEWSWIRE) -- THL Credit, Inc. (NASDAQ:TCRD) (the "Company") announced today that it will commence a modified "Dutch Auction" tender offer (the "Tender Offer") to purchase up to $20.0 million of its common stock at a price per share not less than $3.25 and not greater than $3.75 in $0.05 increments, using available cash. The Tender Offer will commence on June 23, 2020 and will expire at 11:59 p.m. Eastern time, on July 21, 2020, unless extended.
As previously announced, on April 21, 2020 THL Credit, Inc. completed a $30.0 million stock issuance at the Company's net asset value per share as of April 15, 2020, and $20.0 million of the proceeds from this stock issuance will be used to conduct the Tender Offer. Given the ongoing uncertainty in the market due to the global pandemic, the remaining $10.0 million of proceeds from the stock issuance will be used to pay down the Company's outstanding revolving credit facility.
If the Tender Offer is fully subscribed, the Company will purchase between 6,153,846 shares and 5,333,333 shares, or between 17.4% and 15.1%, respectively, of the Company's outstanding shares of its common stock. Any shares tendered may be withdrawn prior to expiration of the Tender Offer. Stockholders that do not wish to participate in the Tender Offer do not need to take any action.
Based on the number of shares tendered and the prices specified by the tendering stockholders, the Company will determine the lowest per-share price that will enable it to acquire up to $20.0 million of its common stock. All shares accepted in the Tender Offer will be purchased at the same price even if tendered at a lower price.
The Tender Offer will not be contingent upon any minimum number of shares being tendered. The Tender Offer will, however, be subject to other conditions, which will be disclosed in the Tender Offer documents. In the future, the Board of Directors may consider additional tender offer(s) or other measures to enhance shareholder value based on a variety of factors, including the market price of the Company's common stock, its net asset value and revolving credit facility restrictions.
The Company's Board of Directors is not making any recommendation to stockholders as to whether to tender or refrain from tendering their shares in the Tender Offer. Stockholders must decide how many shares they will tender, if any, and the price within the stated range at which they will offer their shares for purchase. The Board of Directors believes that a modified "Dutch Auction" tender offer is an efficient mechanism that will provide all stockholders with the opportunity to tender all or a portion of their shares.
The information agent for the Tender Offer will be D.F. King & Co. Inc., and the depositary will be American Stock Transfer & Trust Company, LLC. The offer to purchase (the "Offer to Purchase"), a letter of transmittal and related documents will be mailed to registered holders. Beneficial holders will receive the Offer to Purchase and a communication to consult with their bank, broker or custodian, if they wish to tender shares. For questions and information, please call the information agent toll-free at (800) 848-3409.
Certain Information Regarding the Tender Offer
About THL Credit, Inc.
About First Eagle Alternative Credit, LLC
First Eagle Alternative Credit is an alternative credit investment manager for both direct lending and broadly syndicated investments through public and private vehicles, collateralized loan obligations, separately managed accounts and co-mingled funds. First Eagle Alternative Credit maintains a variety of advisory and sub-advisory relationships across its investment platforms. First Eagle Alternative Credit is a wholly owned subsidiary of First Eagle Investment Management, LLC.
Forward-Looking Statements
These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions.
Investor Contact:
THL Credit, Inc.
Lauren Vieira
(617) 790-6070
[email protected]
Media Contact:
Emily Meringolo
Stanton
(646) 502-3559
[email protected]
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
