Corporate Capital Trust Inc.'s board approved certain steps related to the company's plans to list its common shares on a national securities exchange.
The listing could occur within the next 12 months, depending on market conditions and other factors, according to a Form 8-K filing.
The board also approved amendments to the company's charter in connection with the potential listing. The board will recommend that the shareholders approve the amendments needed for the company's charter to conform to publicly listed peers.
Additionally, the board approved an investment advisory agreement with KKR Credit Advisors (US) LLC, Corporate Capital Trust's existing subadviser. If the listing pushes through, KKR will acquire certain assets from CNL Fund Advisors Co. that it uses in its current role as investment adviser to Corporate Capital Trust. KKR and CNL agreed to recommend to the board that KKR become the sole investment adviser, effective upon the listing and shareholders' approval of the advisory agreement. A CNL representative will become part of a special advisory committee that will be formed after the listing.