Transaction Information
Ladenburg Thalmann & Co. Inc. served as financial advisor to Board of Trustees of Vertical Capital Income Fund (VCIF) in a transaction in which VCIF signed a new investment advisory agreement with Carlyle, rebranding the fund Carlyle Credit Income Fund (CCIF). The Company will trade under the New York Stock Exchange ticker symbol CCIF, effective before the market opens on July 27, 2023.
As part of the Transaction with an affiliate of Carlyle, Carlyle Global Credit Investment Management L.L.C. ("CGCIM"), became the investment adviser to the Fund. The Fund's investment mandate will change to focus on investing in equity and debt tranches of collateralized loan obligations ("CLOs") in order to drive potential shareholder value.
Carlyle made a special one-time payment to shareholders of $10,000,000, or approximately $0.96 per share (~11% of NAV). In addition, Carlyle made a $40 million equity commitment to the fund, creating increased alignment between Carlyle and Company shareholders. Carlyle launched a tender offer on July 18, 2023, for the purchase of up to $25,000,000 of the fund's shares. Carlyle will also make an investment in CCIF of at least $15,000,000 in newly issued shares and private share purchases.
About Carlyle Credit Income Fund
Carlyle Credit Income Fund (NYSE: CCIF) is an externally managed closed-end fund focused on investing in primarily equity and junior debt tranches of collateralized loan obligations ("CLOs"). The CLOs are collateralized by a portfolio consisting primarily of U.S. senior secured loans with a large number of distinct underlying borrowers across various industry sectors. With Carlyle (NYSE: CG) as its investment adviser, CCIF draws upon the significant scale and resources of Carlyle as one of the world's largest CLO managers.
The information and material presented is provided for informational purposes only and are not to be used or considered as an offer or the solicitation of an offer to sell or buy any securities mentioned herein.