TPG Specialty Urges TICC Stockholders To Vote Against All Proposals

(RTTNews) - TPG Specialty Lending Inc. (TSLX) sent a letter to all stockholders of TICC Capital Corp. (TICC), urging TICC stockholders to vote against the management proposals regarding TICC's proposed transaction to change its external manager at the upcoming special meeting of stockholders on October 27, 2015.

In the letter, TSLX demonstrated that stockholders have a clear choice: send a message to the TICC board that stockholders want the immediate, substantial and sustainable value offered by the TSLX proposal and do not want to reward an external manager.

Last week, TPG Specialty Lending had announced that it made a proposal to acquire TICC Capital for $7.50 per share in a stock-for-stock deal.

TPG Specialty said today that the proposal represented a 20% premium to TICC's undisturbed stock price and offered TICC stockholders the opportunity to participate in the future value creation of industry-leading platform. This proposal that delivers immediate and long-term value to TICC stockholders, was rejected by the TICC special committee without engaging in any substantive dialogue with TPG Specialty.

Instead of presenting a transaction that will generate substantial and immediate value stockholders, TICC's board has asked its stockholders to approve a proposal to change its external manager that rewards its external manager while providing NO immediate or certain value to stockholders. According to industry analysts, the proposal by TICC's board to change TICC's external manager from TICC Management, LLC to Benefit Street Partners, LLC is estimated to generate $60 million in payments to TICC Management, LLC that could have gone to TICC stockholders.