BOSTON, May 28, 2020 (GLOBE NEWSWIRE) -- THL Credit, Inc., (NASDAQ: TCRD) (the “Company”), a direct lender to middle market companies, today announced that its shareholders have approved entry into an investment management agreement between the Company and First Eagle Alternative Credit, LLC, formerly known as THL Credit Advisors LLC (the “Adviser”). The new investment management agreement replaces a prior interim agreement with the Adviser, and is effective immediately.
First Eagle Alternative Credit is a leading investment manager formed by the combination of THL Credit Advisors LLC and First Eagle Investment Management, LLC’s (“First Eagle”) credit business. With assets under management and advisement of approximately $23 billion as of March 31, 2020, First Eagle Alternative Credit is among the leaders in both tradable credit and middle-market direct lending.
“Strong and consistent shareholder alignment is one of our enduring commitments as well as a competitive advantage, and we appreciate the continued support of our stockholders,” said Chris Flynn, President of First Eagle Alternative Credit. “As part of the First Eagle platform, we remain acutely focused on maximizing long-term shareholder value as we navigate the investment environment presented by this unprecedented health crisis.”
An 8-K with the final voting results will be filed with the SEC.
Additionally, the Company announced that it intends to change its name to First Eagle Alternative Credit BDC, Inc. Following this name change, the Company will continue to be listed on NASDAQ and will trade under the ticker symbol “FCRD.”
About THL Credit, Inc.
THL Credit, Inc. (NASDAQ: TCRD) is a closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company’s investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. The Company is a direct lender to middle market companies and invests primarily in directly originated first lien senior secured loans, including unitranche investments. In certain instances, the Company also makes second lien secured loans and subordinated or mezzanine, debt investments, which may include an associated equity component such as warrants, preferred stock or other similar securities and direct equity co-investments. The Company targets investments primarily in middle market companies with annual EBITDA generally between $5 million and $25 million. The Company is headquartered in Boston, with additional origination teams in Chicago, Dallas, Los Angeles and New York. The Company’s investment activities are managed by First Eagle Alternative Credit, LLC (the “Advisor”), an investment adviser registered under the Investment Advisers Act of 1940. For more information, please visit www.THLCreditBDC.com.
About First Eagle Alternative Credit, LLC
First Eagle Alternative Credit is an alternative credit investment manager for both direct lending and broadly syndicated investments through public and private vehicles, collateralized loan obligations, separately managed accounts and co-mingled funds. First Eagle Alternative Credit maintains a variety of advisory and sub-advisory relationships across its investment platforms. First Eagle Alternative Credit is a wholly owned subsidiary of First Eagle Investment Management, LLC.
Investor Contact:
THL Credit, Inc.
Lauren Vieira
(617) 790-6070
lauren.vieira@feim.com
Media Contact:
Emily Meringolo
Stanton
(646) 502-3559
emeringolo@stantonprm.com