TICC Capital Corp.
 (TICC)

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  • Thu, Feb. 4, 11:35 AM
    • As threatened late last year, TPG Specialty (TSLX -0.3%) intends to nominate a new board member for TICC Capital (TICC +0.8%) and move to terminate the investment advisory agreement between TICC and its external manager.
    • The nominee will be T. Kelley Millet, currently CEO of Banca IMI Securities, and with more than 30 years of industry experience.
    • "This is not our preferred course of action but the Board's complete failure to act leaves us with no other choice. There is still time to avoid a costly proxy contest," says TPG, urging the immediate seating of Millet along with a reconstitution of the entire board with independent directors.
    • Source: Press Release
    • Previously: TPG Specialty reiterates offer, threatens more action (Dec. 22, 2015)
    | Thu, Feb. 4, 11:35 AM | 4 Comments
  • Mon, Jan. 25, 3:16 PM
    • Modest declines in the major averages are masking the continued liquidation in a number of financial sectors.
    • Hotel REITs: Pebblebrook Hotel (PEB -2.4%), LaSalle Hotel (LHO -2.2%), FelCor Lodging (FCH -2.9%), DiamondRock Hospitality (DRH -3.3%)
    • Nonbank servicing: Ocwen Financial (OCN -6.9%), Walter Investment (WAC -10.5%), Nationstar Mortgage (NSM -6.7%), Altisource Portfolio (ASPS -4.6%), New Residential (NRZ -3.2%)
    • Mortgage REITs: Two Harbors (TWO -3.8%), Invesco (IVR -4.3%), American Capital Mortgage (MTGE -3.4%), Western Asset (WMC -3.7%), Apollo Residential (AMTG -3.8%), AG Mortgage (MITT -3.9%)
    • BDCs: Prospect Capital (PSEC -4%), Apollo Investment (AINV -2.2%), Medley Capital (MCC -4.1%), Gladstone Capital (GLAD -4.4%). A few in this sector are managing gains though: Main Street (MAIN +1%), TICC Capital (TICC +1.9%), Harris & Harris (TINY +1.8%)
    | Mon, Jan. 25, 3:16 PM | 78 Comments
  • Wed, Jan. 20, 11:05 AM
    • The S&P 500 is lower by 3%, oil is nearing a $26 handle, and high-yield is selling off, with HYG -1.4% and JNK -1.3%. Those two ETFs are lower by about 5% YTD and in the area of 15% Y/Y.
    • Leveraged to all the above data, BDC sector losses are eve worse. Prospect Capital (PSEC -3.6%), Fifth Street (FSC -7.4%), Ares Capital (ARCC -5.3%), FS Investment (FSIC -10.8%), Main Street (MAIN -6.4%), Blackrock Capital (BKCC -5.3%), Apollo Investment (AINV -7%), Triangle Capital (TCAP -7.9%), TICC Capital (TICC -3.1%), Pennant Park Investment (PNNT -6.5%), KCAP Financial (KCAP -7.7%), THL Credit (TCRD -8%), TCP Capital (TCPC -7.4%), Gladstone Capital (GLAD -5.6%), WhiteHorse Finance (WHF -9.3%), Garrison Capital (GARS -6.8%)
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Wed, Jan. 20, 11:05 AM | 51 Comments
  • Tue, Jan. 12, 11:28 AM
    • Up to one-third of American oil and gas producers could near bankruptcy and restructuring by the middle of next year, according to Wolfe Research, which suggests a rebound in crude to at least $50 per barrel would be necessary for survival.
    • Oil today is threatening a $29 handle, down 2.9% to $30.58.
    • A new report from Morgan Stanley says the environment is worse than the major 1986 oil patch bust which last for five years.
    • Plenty of P-E money is standing on the sidelines, but managers see no need to rush in - instead preferring to wait for bankruptcies and the wiping out of the debt.
    • “There’s no reason to be anybody’s savior,” says FBR's Chad Mabry. “If you can just get the assets out of bankruptcy, then you don’t have to save anyone.”
    • Prospect Capital (PSEC -3.8%), Fifth Street Finance (FSC -2.6%), TICC Capital (TICC -4%), PennantPark (PNNT -4.5%), KCAP Financial (KCAP -1.7%), OHA Investment (OHAI -2.4%), Gladstone Capital (GLAD -2.7%)
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Tue, Jan. 12, 11:28 AM | 59 Comments
  • Mon, Jan. 4, 8:12 AM
    • Consistent with the latest company strategy, TICC Capital (NASDAQ:TICC) announces the payoff and termination of its $150M credit line. The facility had been scheduled to mature on Oct. 27, 2017.
    • Source: Press Release
    | Mon, Jan. 4, 8:12 AM | 5 Comments
  • Dec. 23, 2015, 7:40 AM
    • "We are confident about the long-term prospects for the BDC sector and belive other leading BDC investors are pushing for the same types of improvements this deal would have generated," says Benefit Street Partners. "We are disappointed with the outcome."
    • "We believe TICC's (NASDAQ:TICC) stockholders recognized the repeated, in our view, egregious misconduct of the Board in attempting to implement a windfall insider transaction through deception and specious assessment of our superior management proposals," says NexPoint Advisors. It's time, says the group. for the board to finally engage to implement its "superior management proposal."
    • Previously: TPG Specialty reiterates offer, threatens more action (Dec. 22)
    • Previously: TICC Capital owners vote down sale (Dec. 22)
    | Dec. 23, 2015, 7:40 AM | 3 Comments
  • Dec. 22, 2015, 5:39 PM
    • Top gainers, as of 5.25 p.m.: CELG +9.4%. CLNE +2.5%. DNR +4.5%. ODP +2.3%. NKE +1.9%.
    • Top losers, as of 5.25p.m.: MU -4.9%. ENPH -4.0%. TVIX -2.8%. TRN -2.8%. TICC -2.5%.
    | Dec. 22, 2015, 5:39 PM | 6 Comments
  • Dec. 22, 2015, 3:07 PM
    • Noting TICC Capital (TICC -1.2%) management received just 36% of all outstanding shares in favor of its BSP deal, TPG Specialty Lending (TSLX +1.1%) requests the board engage with it over its purchase offer.
    • TPG has proposed a purchase price of 90% of TICC NAV, which would be an 18.3% premium to last night's close based on Sept. 30 NAV.
    • Should the board not engage, says TPG, shareholders as early as January could move to terminate the existing advisory agreement or to force liquidation of the company's assets.
    • Source: Press Release
    • Previously: TICC Capital owners vote down sale (Dec. 22)
    | Dec. 22, 2015, 3:07 PM | 31 Comments
  • Dec. 22, 2015, 10:58 AM
    • While a majority of the shares present at the special meeting voted in favor of the sale to Benefit Street Partners, either a majority of all of the stock, or 67% of the shares at the meeting were required for approval.
    • CEO Jonathan Cohen reiterates the company strategy of rotating out of lower-yielding, liquid corporate loans, and into higher-yielding middle-market loans and share repurchases.
    • Source: Press Release
    • Whether NexPoint or TGP Specialty Lending (TSLX +0.4%) will pursue their takeover proposals is not addressed.
    • TICC -1.35% to $5.86
    | Dec. 22, 2015, 10:58 AM | 15 Comments
  • Dec. 14, 2015, 11:20 AM
    • The price of oil has stabilized, but the major averages are moving lower, Treasury yields are moving higher in front of this week's expected Fed rate hike, and high-yield continues to sell off (with more funds gating withdrawals/selling holdings).
    • It all adds up to continued panicky liquidation in the business development complex. Prospect Capital (PSEC -4.8%), Fifth Street Finance (FSC -4.1%), Ares Capital (ARCC -4.9%), FS Investment (FSIC -3.4%), Triangle Capital (TCAP -4.8%), TICC Capital (TICC -9.1%), PennantPark Investment (PNNT -4.3%), New Mountain Finance (NMFC -5.8%), Monroe Capital (MRCC -4.5%), Oxford Lane (OXLC -10.4%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Dec. 14, 2015, 11:20 AM | 65 Comments
  • Dec. 9, 2015, 4:10 PM
    • A federal court rejects NexPoint's request to stay a decision allowing TICC Capital's (NASDAQ:TICC) special meeting to move forward.
    • The news looks like it means the Dec. 22 vote on the sale to Benefit Street Partners will take place.
    • Source: Press Release
    • Previously: TICC Capital pushes back special meeting (Dec. 4)
    | Dec. 9, 2015, 4:10 PM | 6 Comments
  • Dec. 4, 2015, 10:01 AM
    • A court has denied NexPoint's request for a preliminary injunction forcing TICC Capital (TICC +0.2%) to recognize NexPoint's board nominees at the special meeting. NexPoint has asked for a stay of that ruling and for the court to prevent the special meeting while this is appealed.
    • The new date of the special meeting is Dec. 22, and TICC says Benefit Street Partners has the right to walk away from the deal without penalty should the meeting be further delayed.
    • Source: Press Release
    • Previously: TPG Specialty boosts offer for TICC Capital (Nov. 2)
    • In other news, TICC has bought back about 1.5M shares of stock at an average price of $6.72 each since beginning purchases on Nov. 10. The company has entered a Rule 10b5-1 trading plan to buy  up to $50M of stock prior to March 4.
    | Dec. 4, 2015, 10:01 AM | 13 Comments
  • Nov. 18, 2015, 4:10 PM
    • TICC Capital (NASDAQ:TICC) sells about $117M of syndicated corporate loans at a weighted-average price of 98.9% of par value. Proceeds plus balance sheet cash will be used to pay off and close the company revolver.
    • The move is in-line with the company's plan to rotate out of lower-yielding corporate loan assets (owned with leverage) into higher-yielding loans held with less leverage.
    | Nov. 18, 2015, 4:10 PM | 5 Comments
  • Nov. 6, 2015, 9:25 AM
    • Core net investment income of $0.34 per share vs. $0.32 in Q2. Dividend is $0.29.
    • Net asset value per share of $7.81 down from $8.60 in Q2. Last night's close was $6.41.
    • A new buyback of up to $75M worth of stock is authorized.
    • Previously: TICC Capital reports (Nov. 6)
    • TICC -2% premarket
    • Previously: TPG Specialty boosts offer for TICC Capital (Nov. 2)
    | Nov. 6, 2015, 9:25 AM | 2 Comments
  • Nov. 6, 2015, 8:06 AM
    • TICC Capital (NASDAQ:TICC): Q3 EPS of $0.18 in-line.
    • Revenue of $23.13M (-23.4% Y/Y) beats by $0.53M.
    | Nov. 6, 2015, 8:06 AM | 6 Comments
  • Nov. 5, 2015, 5:30 PM
Company Description
TICC Capital Corp is a closed-end, non-diversified management company. It is a business development company. The Company invests in corporate debt securities.
Sector: Financial
Country: United States