FCRD - Crescent Capital to acquire First Eagle Alternative Capital

• Crescent Capital BDC ( NASDAQ: CCAP ) will acquire First Eagle Alternative Capital BDC ( NASDAQ: FCRD ) in a stock and cash transaction.
• The transaction represents total consideration for First Eagle stockholders of ~$145.6M or $4.86 per share, representing a 66% premium to the closing stock price of First Eagle on Oct. 3.
• Post the transaction, Crescent and First Eagle stockholders are expected to own ~83% and 17%, respectively.
• The combined entity is expected to have ~$1.6B of investments on a pro forma basis.
• The boards of both the companies have approved the transaction.
• The acquisition is expected to close as early as Q4.
• Additionally, Sun Life, which owns a majority interest in Crescent, will purchase $20M of the combined company's common stock via a share purchase program over time following the consummation of the transaction.
• First Eagle's 5.00% senior unsecured notes due May 25, 2026, will be assumed by a subsidiary of Crescent.
• FCRD shares were trading +0.68% pre-market.
• Source: Press Release

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