TPG Specialty Lending Makes Offer to Acquire TICC Capital
September 18, 2015
TPG Specialty Lending, the middle market lending platform of TPG, has announced that it made a proposal to acquire TICC Capital in a stock-for-stock transaction. The proposal consisted of TICC stockholders receiving $7.50 in value per share, which represented a 20% premium to TICC's closing stock price on September 15. TICC is a business development company, primarily engaged in providing debt capital to a wide range of U.S.-based companies. It generally expects to invest between $5 million and $50 million in each of its portfolio companies. Goldman Sachs is acting as financial advisor on the transaction, while Cleary Gottlieb Steen & Hamilton is serving as legal advisor.