• Mon. Mar 20th, 2023

Crescent Capital BDC, Inc. Delivers Company Update


Mar 15, 2023

LOS ANGELES, March 15, 2023 (GLOBE NEWSWIRE) — In light of the properly-publicized current developments at each Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”), as properly as the broader regional banking sector, the group at Crescent Capital BDC, Inc. (“Crescent BDC” which could also be referred to as “we,” “us,” or “our”) (NASDAQ: CCAP) has been in active dialogue with the sponsors and management teams of its portfolio corporations to assess exposure to each SVB and Signature as properly as their broader banking relationships.

Crescent BDC’s Lack of Direct Exposure to SVB and Signature

Crescent BDC has no direct exposure to SVB or Signature. Crescent BDC does not have money accounts or deposits with either bank, and from a counterparty exposure point of view, with respect to our liabilities (i.e., exactly where Crescent BDC is a borrower or issuer of debt), SVB and Signature are not counterparties.

Crescent BDC’s Restricted Portfolio Corporation Exposure to SVB and Signature

From an indirect exposure point of view, our group has been operating closely with our portfolio corporations to realize their banking relationships and any exposure to SVB or Signature via money balances and operating bank accounts. Even though we’ve identified specific situations of portfolio corporations obtaining exposure to SVB via deposit accounts only, we think that the direct danger of money depository loss of any portfolio organization has probably been remediated primarily based on Sunday’s selection by the Treasury, Federal Reserve and FDIC to totally defend all SVB and Signature depositors. On top of that, primarily based on our evaluation, we’ve determined that the majority of the SVB deposit account balances held by the identified portfolio corporations are immaterial in nature, and would not have meaningfully impacted the companies’ operations ought to depositor assistance not have been offered.

None of our portfolio corporations have exposure to Signature via deposit accounts.

None of our portfolio corporations have SVB or Signature as a participant in their respective credit facilities. Consequently, we do not think there is any existing liquidity effect on our portfolio corporations.

Crescent Capital Group’s (“Crescent”) Lack of Direct Exposure to SVB and Signature

At the corporate level, Crescent has no direct exposure to SVB or Signature. Crescent does not have money accounts or deposits with either bank. Neither SVB nor Signature deliver credit facilities to Crescent.

About Crescent BDC

Crescent BDC is a enterprise improvement organization that seeks to maximize the total return of its stockholders in the kind of existing earnings and capital appreciation by supplying capital options to middle marketplace corporations with sound enterprise fundamentals and robust development prospects. Crescent BDC utilizes the comprehensive encounter, origination capabilities and disciplined investment procedure of Crescent.  Crescent BDC is externally managed by Crescent Cap Advisors, LLC, a subsidiary of Crescent. Crescent BDC has elected to be regulated as a enterprise improvement organization beneath the Investment Corporation Act of 1940, as amended. For extra info about Crescent BDC, visit www.crescentbdc.com. Even so, the contents of such web-site are not and ought to not be deemed to be incorporated by reference herein.

About Crescent Capital Group

Crescent is a worldwide credit investment manager with more than $40 billion of assets beneath management. For more than 30 years, the firm has focused on under investment grade credit via techniques that invest in marketable and privately originated debt securities like senior bank loans, higher yield bonds, as properly as private senior, unitranche and junior debt securities. Crescent is headquartered in Los Angeles with offices in New York, Boston, Chicago and London with extra than 200 personnel globally. Crescent is a element of SLC Management, the institutional options and classic asset management enterprise of Sun Life. For extra info about Crescent, stop by www.crescentcap.com. Even so, the contents of such web-site are not and ought to not be deemed to be incorporated by reference herein.

Speak to:

Dan McMahon

Forward-Hunting Statements

This press release, and other statements that Crescent BDC could make, could include forward-seeking statements inside the which means of the Private Securities Litigation Reform Act, with respect to Crescent BDC’s future monetary or enterprise overall performance, techniques or expectations. Forward-seeking statements are usually identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” and equivalent expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or equivalent expressions.

Crescent BDC cautions that forward-seeking statements are topic to many assumptions, dangers and uncertainties, which could adjust more than time. Forward-seeking statements speak only as of the date they are created, and Crescent BDC assumes no duty to and does not undertake to update forward-seeking statements. Actual benefits could differ materially from these anticipated in forward-seeking statements and future benefits could differ materially from historical overall performance.

In addition to things previously disclosed in Crescent BDC’s SEC reports and these identified elsewhere in this press release, the following things, amongst other people, could bring about actual benefits to differ materially from forward-seeking statements or historical overall performance: (1) our future operating benefits (two) our enterprise prospects and the prospects of our portfolio corporations (three) the effect of investments that we count on to make (four) our contractual arrangements and relationships with third parties (five) the dependence of our future accomplishment on the basic economy and its effect on the industries in which we invest (six) the monetary situation of and capability of our existing and potential portfolio corporations to attain their objectives (7) our anticipated financings and investments (eight) the adequacy of our money sources and operating capital, like our capability to receive continued financing on favorable terms (9) the timing of money flows, if any, from the operations of our portfolio corporations (ten) the effect of improved competitors (11) the capability of our investment adviser to find appropriate investments for us and to monitor and administer our investments (12) possible conflicts of interest in the allocation of possibilities in between us and other investment funds managed by our investment adviser or its affiliates (13) the capability of our investment adviser to attract and retain very talented pros (14) adjustments in law and policy accompanying the new administration and uncertainty pending any such adjustments (15) improved geopolitical unrest, terrorist attacks or acts of war, which could adversely influence the basic economy, domestic and neighborhood monetary and capital markets, or the distinct industries of our portfolio corporations (16) adjustments and volatility in political, financial or market circumstances, the interest price atmosphere, foreign exchange prices or monetary and capital markets (17) the unfavorable resolution of legal proceedings and (18) the effect of adjustments to tax legislation and, usually, our tax position.

Crescent BDC’s Annual Report on Kind ten-K for the year ended December 31, 2022, filed with the SEC, identifies extra things that can influence forward-seeking statements.