BlackRock TCP Capital Corp. announced the sale of a $523 million private loan portfolio to a Pantheon-sponsored continuation vehicle, representing 48% of its debt investments across 78 portfolio companies. The deal, announced on August 4, will generate approximately $152 million in gross proceeds while TCPC retains just a 5% equity stake in the vehicle. The company’s net debt ratio is expected to drop from 1.38x to roughly 0.4x, with a target below 0.3x after additional paydowns. The transaction will result in a 10.4% decline in net asset value, equivalent to a loss of $0.68 per share.
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