TPG Specialty Lending Raises Offer To Acquire TICC Capital

(RTTNews) - Specialty finance company TPG Specialty Lending, Inc. (TSLX) Monday announced an increased in its offer to acquire TICC Capital Corp. (TICC) in a stock-for-stock transaction. As on June 30, the updated proposal is equal to stockholders receiving $7.74 per share.

Josh Easterly, chairman and co-chief executive officer of TSLX said, "We stand by our superior proposal and remain confident that our increased proposal is the most compelling option for TICC stockholders. We are ready and willing to engage with TICC to make this transaction a reality."

TSLX said the revised offer would increase the value and immediate upfront premium, while its proposal is superior to the proposal made by BSP, whose share repurchase program would result in the acquisition of only $50-$100 million of shares at 90% of net asset value, representing only 13.0-26.1% of TICC's outstanding shares.

TSLX further said it pays sustainable dividends funded by the income it generates rather than its investors' own capital and expects to grow its dividend over time.

According to TSLX, the updated proposed stockholder consideration reflects an increase as compared to the 87% of TICC net asset value per share offered in the original TSLX proposal delivered to the Special Committee of TICC's board of directors on September 10, 2015.

TSLX urged stockholders to vote against management's proposals on the GOLD card.

Goldman, Sachs & Co. is acting as financial advisor and Cleary Gottlieb Steen & Hamilton LLP is acting as legal advisor to TSLX.