- 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
For further details see:
Crescent Capital to acquire First Eagle Alternative Capital