TICC Capital Corp. plans to wind down and dissolve its wholly owned subsidiary, TICC CLO 2012-1 LLC.
TICC Capital formed TICC CLO 2012-1 for the purpose of securing debt financing. The subsidiary is operated solely for the investment activities of TICC Capital.
On July 24, TICC Capital provided notice of optional redemption to the trustee of TICC CLO 2012-1 that it will redeem in full the outstanding amounts of each class of secured notes Aug. 25.
TICC Capital intends to use the restricted cash held by TICC CLO 2012-1 to redeem each class of secured notes, which is about $73.4 million in aggregate. Following the redemption, the company intends to dissolve the subsidiary.
TICC Capital reported second-quarter core net investment income of $9.3 million, or 18.1 cents per basic share, down from $16.3 million, or 31.6 cents per basic share, in the prior-year period.
Second-quarter net investment income stood at $7.5 million, or 14.7 cents per basic share, compared with $6.8 million, or 13.2 cents per basic share, in the prior-year quarter.