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Triton Pacific merging with Pathway Capital to form TP Flexible Income Fund

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Triton Pacific merging with Pathway Capital to form TP Flexible Income Fund

Business development company Triton Pacific Investment Corp. Inc. and investment company Pathway Capital Opportunity Fund agreed to merge to create TP Flexible Income Fund Inc.

The transaction is expected to close in the fourth quarter.

Pathway Capital shareholders will receive a number of Triton Pacific shares with a net asset value equal to the net asset value of the Pathway Capital shares they hold, as determined shortly before closing.

TP Flexible Income Fund will be a non-traded registered fund, structured as a business development company. The fund's investments are expected to consist mainly of syndicated senior secured first lien loans, syndicated senior secured second lien loans, and to a lesser extent, subordinated debt. Up to 30% of its investments is expected to consist of other securities, including private equity, dividend-paying equity, royalties, and the equity and junior debt tranches of collateralized loan obligations.

Prospect Flexible Income Management LLC, which is jointly owned by Prospect Capital Management LP and Triton Pacific, will manage the fund.

Triton Pacific Securities LLC will continue to act as the dealer manager for the registered offering of TP Flexible Income Fund's common shares upon deal closing.

Nelson Mullins Riley & Scarborough LLP is serving as legal counsel to Triton Pacific, and Eversheds Sutherland (US) LLP is serving as legal counsel to Pathway Capital.