April 4, 2018 / 10:59 AM / 8 months ago

BRIEF-Triangle Capital Announces Sale Of Investment Portfolio And Simultaneous Externalization Transaction

April 4 (Reuters) - Triangle Capital Corp:

* Triangle Capital CORPORATION ANNOUNCES SALE OF INVESTMENT PORTFOLIO AND SIMULTANEOUS EXTERNALIZATION TRANSACTION

* DEAL FOR $981.2 MILLION IN CASH

* ‍BARINGS WILL MAKE INVESTMENT OF $100.0 MILLION IN NEWLY ISSUED SHARES OF COMPANY'S COMMON STOCK AT NET ASSET VALUE AT DEAL CLOSING​

* ‍COMPANY EXPECTS TO DISCONTINUE PAYING A QUARTERLY DIVIDEND STARTING WITH Q2 OF 2018​

* ENTERED INTO AN ASSET PURCHASE AGREEMENT WITH AN AFFILIATE OF BENEFIT STREET PARTNERS L.L.C.​

* ENTERED INTO A STOCK PURCHASE AND TRANSACTION AGREEMENT WITH BARINGS LLC

* IN ADDITION, BARINGS WILL MAKE AN INVESTMENT OF $100.0 MILLION IN NEWLY ISSUED SHARES OF COMPANY'S COMMON STOCK

* ‍BARINGS TO BECOME INVESTMENT ADVISER TO CO IN EXCHANGE FOR A PAYMENT BY BARINGS OF $85.0 MILLION, OR $1.78 PER SHARE

* BARINGS ALSO WILL MAKE AN INVESTMENT OF $100.0 MILLION IN NEWLY ISSUED SHARES OF COMPANY'S COMMON STOCK

* BARINGS' TOTAL FINANCIAL COMMITMENT TO TRANSACTION IS $235.0 MILLION

* ON TRANSACTIONS CLOSING, COMPANY WILL LAUNCH A $50.0 MILLION ISSUER TENDER TO PURCHASE SHARES OF ITS COMMON STOCK

* ‍TRIANGLE WILL ANNOUNCE REDEMPTION OF CO'S 6.375% NOTES DUE DEC 15, 2022 WITH AMOUNT OUTSTANDING OF $80.5 MILLION​

* ‍TRIANGLE WILL ANNOUNCE REDEMPTION OF CO'S 6.375% NOTES DUE MARCH 15, 2022 WITH OUTSTANDING OF $86.25 MILLION​

* WILL SELL ITS DECEMBER 31, 2017 INVESTMENT PORTFOLIO TO FUNDS ADVISED BY BSP

* SALE OF INVESTMENT PORTFOLIO & $85.0 MILLION SHAREHOLDER PAYMENT REPRESENTS CASH CONSIDERATION OF $658.6 MILLION, OR ABOUT $13.80/SHARE Source text for Eikon: Further company coverage:

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