BlackRock is seeking to sell a 671 million dollar loan portfolio held by TCP Capital Corp., its business development company focused on middle-market lending. Earlier in August, TCPC had already sold approximately 523 million dollars in loans, generating about 152 million dollars in gross proceeds and covering positions across 78 portfolio companies. This transaction lowered TCPC’s pro forma net leverage ratio to approximately 0.4x, well below the 1.0x or higher level observed among sector peers. The buyers of the first batch came from funds sponsored by Pantheon, a global private markets investor. TCPC has operated as a business development company since 1999 and has executed approximately 44.1 billion dollars in leveraged loans across 733 companies.
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