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Corporate Capital Trust, Inc. Announces Results of Tender Offer

December 20, 2017

Corporate Capital Trust, Inc. Announces Results of Tender Offer

December 19, 2017 | James Sprow | Blue Vault

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Corporate Capital Trust, Inc., an externally managed listed BDC, filed a tender offer on November 14, to purchase for cash up to $185 million in value of the Company’s common stock at a price per share of $20.01.  The Company’s common stock was listed on the New York Stock Exchange under the ticker “CCT” on November 14, 2017.

On December 18, 2017, the Company announced the preliminary results of the Tender Offer, which expired at 5:00 p.m., Eastern Standard Time, on December 15, 2017.

Based on a preliminary count, the Depositary has advised the Company that 67,793,500 shares were properly tendered pursuant to the Offer and not properly withdrawn. At $20.01 per share, the shares tendered would have an aggregate value of over $1.35 billion. 

Because of the proration provisions described in the Offer to Purchase, all of the shares properly tendered and not properly withdrawn may not be purchased if those shares have an aggregate purchase price in excess of $185,000,000. Only shares properly, and not properly withdrawn, will be eligible to be purchased. Shares tendered but not purchased pursuant to the Offer will be returned promptly following the expiration date.

The tendered shares exceed the total tender offer by a factor of 633%.  This indicates that roughly 13.6% of the shares tendered will be purchased by the Company on a pro-rata basis. 

 

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