Corporate Capital Trust Prepares for NYSE Listing
July 11, 2017 | by Jared Schneider | Blue Vault
Corporate Capital Trust filed an 8-K on Monday July 10, 2017 stating that the Company has received clearance to and has applied for listing on the NYSE under the symbol, “CCT”. Additionally, the annualized per share distribution rate has been decreased by $0.09 from $0.805 to $0.715. The change in the distribution rate is intended to align the distribution rate to the Company’s net investment income. The Company also currently expects that distributions declared following the Listing will be paid on a quarterly instead of a monthly basis.
Here is an excerpt from the 8-K:
The Company has been cleared to file an application, and has applied, to list its shares of common stock on the New York Stock Exchange (“NYSE”) under the symbol “CCT.” Subject to market conditions, final Board approval and NYSE approval, the Company currently expects to seek the commencement of trading of its shares of common stock on the NYSE (the “Listing”) in the period following receipt of shareholder approval of the proposals to be considered at the Company’s annual meeting, as described in the Company’s definitive proxy statement filed on May 25, 2017.
Learn more about CNL Financial Group, Corporate Capital Trust’s Sponsor, on our Sponsor Focus page.
Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.