In light of the well-publicized recent developments at both Silicon
Valley Bank (“SVB”) and Signature Bank (“Signature”), as well as
the broader regional banking sector, the team at Crescent Capital
BDC, Inc. (“Crescent BDC” which may 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 companies to assess
exposure to both SVB and Signature as well 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 cash accounts or deposits with either
bank, and from a counterparty exposure perspective, with respect to
our liabilities (i.e., where Crescent BDC is a borrower or issuer
of debt), SVB and Signature are not counterparties.
Crescent BDC’s Limited Portfolio Company Exposure to SVB
and Signature
From an indirect exposure perspective, our team has been working
closely with our portfolio companies to understand their banking
relationships and any exposure to SVB or Signature through cash
balances and operating bank accounts. While we’ve identified
certain instances of portfolio companies having exposure to SVB
through deposit accounts only, we believe that the direct risk of
cash depository loss of any portfolio company has likely been
remediated based on Sunday’s decision by the Treasury, Federal
Reserve and FDIC to fully protect all SVB and Signature depositors.
Additionally, based on our analysis, we’ve determined that the
majority of the SVB deposit account balances held by the identified
portfolio companies are immaterial in nature, and would not have
meaningfully impacted the companies’ operations should depositor
support not have been provided.
None of our portfolio companies have exposure to Signature
through deposit accounts.
None of our portfolio companies have SVB or Signature as a
participant in their respective credit facilities. Therefore, we do
not believe there is any current liquidity impact on our portfolio
companies.
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 cash accounts or deposits with
either bank. Neither SVB nor Signature provide credit facilities to
Crescent.
About Crescent BDC
Crescent BDC is a business development
company that seeks to maximize the total return of its stockholders
in the form of current income and capital appreciation by providing
capital solutions to middle market companies with sound business
fundamentals and strong growth prospects. Crescent BDC utilizes the
extensive experience, origination capabilities and disciplined
investment process 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 business
development company under the Investment Company Act of 1940, as
amended. For more information about Crescent BDC,
visit www.crescentbdc.com. However, the contents of such
website are not and should not be deemed to be incorporated by
reference herein.
About Crescent Capital
Group
Crescent is a global credit investment manager
with over $40 billion of assets under management. For over 30
years, the firm has focused on below investment grade credit
through strategies that invest in marketable and privately
originated debt securities including senior bank loans, high yield
bonds, as well as private senior, unitranche and junior debt
securities. Crescent is headquartered in Los Angeles with offices
in New York, Boston, Chicago and London with more than 200
employees globally. Crescent is a part of SLC Management, the
institutional alternatives and traditional asset management
business of Sun Life. For more information about Crescent, visit
www.crescentcap.com. However, the contents of such website are not
and should not be deemed to be incorporated by reference
herein.
Contact:
Dan
McMahondaniel.mcmahon@crescentcap.com212-364-0149
Forward-Looking Statements
This press release, and other statements that
Crescent BDC may make, may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act,
with respect to Crescent BDC’s future financial or business
performance, strategies or expectations. Forward-looking statements
are typically 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 similar expressions, or future or
conditional verbs such as “will,” “would,” “should,” “could,” “may”
or similar expressions.
Crescent BDC cautions that forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which may change over time. Forward-looking
statements speak only as of the date they are made, and Crescent
BDC assumes no duty to and does not undertake to update
forward-looking statements. Actual results could differ materially
from those anticipated in forward-looking statements and future
results could differ materially from historical performance.
In addition to factors previously disclosed in
Crescent BDC’s SEC reports and those identified elsewhere in this
press release, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: (1) our future operating results; (2)
our business prospects and the prospects of our portfolio
companies; (3) the impact of investments that we expect to make;
(4) our contractual arrangements and relationships with third
parties; (5) the dependence of our future success on the general
economy and its impact on the industries in which we invest; (6)
the financial condition of and ability of our current and
prospective portfolio companies to achieve their objectives; (7)
our expected financings and investments; (8) the adequacy of our
cash resources and working capital, including our ability to obtain
continued financing on favorable terms; (9) the timing of cash
flows, if any, from the operations of our portfolio companies; (10)
the impact of increased competition; (11) the ability of our
investment adviser to locate suitable investments for us and to
monitor and administer our investments; (12) potential conflicts of
interest in the allocation of opportunities between us and other
investment funds managed by our investment adviser or its
affiliates; (13) the ability of our investment adviser to attract
and retain highly talented professionals; (14) changes in law and
policy accompanying the new administration and uncertainty pending
any such changes; (15) increased geopolitical unrest, terrorist
attacks or acts of war, which may adversely affect the general
economy, domestic and local financial and capital markets, or the
specific industries of our portfolio companies; (16) changes and
volatility in political, economic or industry conditions, the
interest rate environment, foreign exchange rates or financial and
capital markets; (17) the unfavorable resolution of legal
proceedings; and (18) the impact of changes to tax legislation and,
generally, our tax position.
Crescent BDC’s Annual Report on Form 10-K for
the year ended December 31, 2022, filed with the SEC, identifies
additional factors that can affect forward-looking statements.
Crescent Capital BDC (NASDAQ:CCAP)
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