Benefit Street Partners Issues Open Letter to TICC Stockholders

NEW YORK--()--Benefit Street Partners L.L.C. and its affiliates (“BSP”), the credit investment arm of Providence Equity Partners L.L.C. (‘‘Providence’’), today issued an open letter from Thomas Gahan, Chief Executive Officer of BSP and Richard Byrne, President of BSP, to the stockholders of TICC Capital Corp. (NASDAQ: TICC) (“TICC” or the “Company”). The full text of the letter follows:

Dear TICC stockholder,

As you know, TICC Capital Corp. released the results of its special meeting of stockholders to vote on the Company’s investment advisory agreement with an affiliate of Benefit Street Partners L.L.C. While a majority of votes cast were in favor of the transaction, the proposal did not achieve the required amount of votes under the Investment Company Act of 1940.

We are disappointed with this outcome and strongly believe the transaction with BSP would have been in the best interests of TICC stockholders. We are confident about the long-term prospects for the BDC sector and believe other leading BDC investors are pushing for the same types of improvements this deal would have generated, including: new management, substantial fee reductions, a newly comprised Board of Directors, and a commitment to meaningful share buybacks. In our opinion, this transaction had all the key factors to transition the Company to a “best-in-class” BDC with the opportunity to reduce or eliminate the market price discount of TICC’s shares to net asset value.

Our portfolio transition plan was focused on BSP’s successful private debt strategy, which we believe is ideal for TICC. Further, we believe TICC stockholders would have benefited from our substantial investment resources, proven track record, large self-originated debt platform and institutional relationships, combined with the stockholder-friendly initiatives we proposed.

While we appreciate all the positive commentary we have received from stockholders and research analysts, unfortunately, we believe the contested proxy process yielded a negative outcome for TICC stockholders. We have devoted substantial time and resources to this transaction and have been focused on accessing the BDC market for many years. As such, we plan to continue to evaluate ways to help deliver value to TICC stockholders and remain committed to being a leader in the BDC sector.

We thank you for your support.


Thomas Gahan             Richard Byrne
Chief Executive Officer President
Benefit Street Partners Benefit Street Partners

About Benefit Street Partners

Benefit Street Partners is the credit investment arm of Providence Equity Partners, a leading global private equity firm. BSP and affiliates manage over $10 billion in assets across a broad range of credit strategies including high yield, levered loans, private / opportunistic debt, liquid credit, structured credit and commercial real estate debt. BSP was established in 2008 and is based in New York. For further information, please visit


BSP Contacts:
Sard Verbinnen & Co
Andrew Cole / Kelsey Markovich

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