TCG BDC Inc. has completed its previously announced merger with fellow business development company NF Investment Corp.

All of NF Investment's common shares were converted into the right to receive a combination of cash and common shares of TCG BDC, as of the effective time of the merger.

NF Investment shareholders elected to receive an aggregate of 434,233 acquisition shares and about $145.6 million in cash. TCG BDC is funding the cash payment with cash on hand.

Both companies were managed by Carlyle GMS Investment Management LLC, a subsidiary of Carlyle Group LP.