TICC Reiterates Rejection Of TSLX Proposal; Affirms Commitment To BSP Deal

(RTTNews) - TICC Capital Corp. (TICC) announced that a Special Committee of TICC's Board of Directors reiterated its unanimous rejection of a September 10, 2015 stock-for-stock proposal by TPG Specialty Lending, Inc. (TSLX) as inadequate and not in the best interests of TICC's stockholders.

Steve Novak, the Chairman of a Special Committee of TICC's Board of Directors, said, "TSLX's conditional stock-for-stock proposal, which represents a 13 percent discount to TICC's June 30, 2015 net asset value, is not in the best interests of shareholders. Selling TICC at anything less than net asset value would permanently destroy shareholder value.

TICC Capital said that the TSLX proposal would likely result in a substantial decrease in the dividend paid to TICC's stockholders. TICC believes the BSP agreement gives investors the best opportunity to receive the highest dividend over the longest period of time.

Novak concluded, "We remain committed to pursuing our announced agreement with BSP. It provides immediate and longer term benefits to investors including the likelihood of a superior dividend, lower fees and the advantage of retaining the full value of the Company's assets."