8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 4, 2020

 

 

FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   814-00789   27-0344947

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(IRS Employer

Identification Number)

500 Boylston St., Suite 1200,

Boston, MA 02116

(Address of principal executive offices)

Registrant’s telephone number, including area code (800) 450-4424

 

 

Securities registered pursuant to 12(b) of the Act:

 

Title of Each Class

 

Trading

Symbols

 

Name of Each Exchange

on Which Registered

Common Stock, par value $0.001 per share   FCRD   NASDAQ Global Select Market
6.75% Senior Notes due 2022   FCRZ   The New York Stock Exchange
6.125% Senior Notes due 2023   FCRW   The New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02.

Results of Operations and Financial Condition.

On November 4, 2020, the Registrant issued a press release announcing its financial results for the quarter ended September 30, 2020 and declared a dividend of $0.10 per share payable on December 31, 2020 to stockholders of record at the close of business on December 15, 2020. The text of the press release is included as Exhibit 99.1 to this Form 8-K.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit

Number

  

Description

99.1    Press Release, dated November 4, 2020

 

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

 

    FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC.
Date: November 4, 2020     By:  

/s/ TERRENCE W. OLSON

    Name:   Terrence W. Olson
    Title:  

Chief Financial Officer, Chief

Operating Officer & Treasurer

 

3

EX-99.1

Exhibit 99.1

 

LOGO

First Eagle Alternative Capital BDC Reports Third Quarter 2020 Financial Results and Declares a Dividend of $0.10 Per Share

BOSTON – November 4, 2020 – First Eagle Alternative Capital BDC, Inc. (formerly known as THL Credit, Inc.) (NASDAQ: FCRD) (“First Eagle Alternative Capital BDC” or the “Company”), a direct lender to middle market companies, today announced financial results for its third fiscal quarter ended September 30, 2020. Additionally, the Company announced that its Board of Directors (the “Board”) has declared a fourth fiscal quarter 2020 dividend of $0.10 per share payable on December 31, 2020, to stockholders of record as of December 15, 2020.

HIGHLIGHTS

 

($ in millions, except per share amounts)

       
     As of September 30,
2020
       

Portfolio results

    

Total assets

   $ 366.6    

Investment portfolio, at fair value

   $ 343.4    

Net assets

   $ 188.1    

Net asset value per share

   $ 6.25    

Weighted average yield on investments

     7.0  
     Quarter ended
September 30, 2020
    Quarter ended
September 30, 2019
 

Portfolio activity

 

 

Total portfolio investments made, at par

   $ 11.9     $ 19.4  

Total portfolio investments made, at cost

   $ 11.7     $ 19.2  

Number of new portfolio investments

     4       2  

Number of portfolio investments at end of period

     47       47  

Operating results

    

Total investment income

   $ 7.3     $ 12.8  

Net investment income

   $ 3.2     $ 6.9  

Net increase (decrease) in net assets from operations

   $ 15.2     $ 0.3  

Net investment income per share

   $ 0.10     $ 0.22  

Dividends declared per share

   $ 0.10     $ 0.21  

 

1


PORTFOLIO AND INVESTMENT ACTIVITY

In the third quarter, the Company closed on four new investments totaling $11.1 million, and funded $0.8 million in follow-on investments, including delayed draw and revolver fundings.

Notable investments for the quarter at par included:

 

 

$3.1 million first lien senior secured term loan in Quartermaster Newco, LLC;

 

 

$3.0 million first lien senior secured term loan in Lash Opco LLC;

 

 

$3.0 million first lien senior secured term loan in Neiman Marcus Group LTD LLC; and,

 

 

$2.0 million first lien senior secured term loan in Groundworks Operations, LLC.

Notable realizations for the quarter included:

 

 

Repayment of a first lien senior secured term loan in It’s Just Lunch International LLC at par, which resulted in proceeds of $5.5 million.

As of September 30, 2020, these transactions, coupled with changes in net unrealized appreciation on the portfolio during the quarter, bring the total fair value of First Eagle Alternative Capital BDC’s investment portfolio to $343.4 million across 47 portfolio investments. The Company’s investment portfolio as of September 30, 2020 by investment type at fair value is presented below (in millions):

 

Description

   Fair Value      Percentage of
Total
 

First lien senior secured debt

   $ 222.5        64.8

Investment in Logan JV

     62.9        18.3

Second lien debt

     33.8        9.9

Equity investments

     21.4        6.2

Investments in funds

     2.8        0.8
  

 

 

    

 

 

 

Total investments

   $ 343.4        100.0
  

 

 

    

 

 

 

As of September 30, 2020, the weighted average yield of the debt and income-producing securities, including the Company’s investment in First Eagle Logan JV, LLC (the “Logan JV”), in the investment portfolio at their current cost basis was 7.0 percent. As of September 30, 2020, First Eagle Alternative Capital BDC had loans on non-accrual status with an aggregate amortized cost of $20.4 million and fair value of $9.7 million, or 5.1 percent and 2.8 percent of the portfolio’s amortized cost and fair value, respectively. As of September 30, 2020, 100 percent of the Company’s income-producing debt investments bore interest based on floating rates, which may be subject to interest rate floors, such as London Interbank offer rate, or LIBOR.

 

2


This compares to the portfolio as of December 31, 2019, which had a fair value of $384.1 million across 52 portfolio investments. First Eagle Alternative Capital BDC’s investment portfolio by investment type at fair value as of December 31, 2019 in presented below (in $ millions):

 

Description

   Fair Value      Percentage of
Total
 

First lien senior secured debt

   $ 263.6        68.7

Investment in Logan JV

     83.4        21.7

Equity investments

     21.5        5.6

Second lien debt

     12.0        3.1

Investments in funds

     3.6        0.9
  

 

 

    

 

 

 

Total investments

   $ 384.1        100.0
  

 

 

    

 

 

 

As of December 31, 2019, the weighted average yield of the debt and other income-producing securities in the investment portfolio, including the Logan JV, at their cost basis was 8.7 percent (excluding the Company’s investments in broadly syndicated first lien senior secured term loans, the weighted average yield on investments was 8.9 percent). As of December 31, 2019, the Company had loans on non-accrual status with an aggregate amortized cost of $36.0 million and fair value of $15.1 million, or 8.1 percent and 3.9 percent of the portfolio’s amortized cost and fair value, respectively. As of December 31, 2019, 100 percent of the Company’s income-producing debt investments bore interest based on floating rates, which may be subject to interest rate floors, such as LIBOR.

 

3


RESULTS OF OPERATIONS

Investment income

A breakdown of investment income for the three months ended September 30, 2020 and 2019 is presented below (in $ millions):

 

     Three months ended September 30,  
     2020      2019  

Interest income on debt securities

     

Cash interest

   $ 4.1      $ 7.7  

PIK interest

     0.3        0.5  

Prepayment premiums

     —          0.2  

Net accretion of discounts and other fees

     0.2        0.3  
  

 

 

    

 

 

 

Total interest on debt securities

     4.6        8.7  

Dividend income

     2.6        3.6  

Interest income on other income-producing securities

     —          0.1  

Fees related to non-controlled, affiliated investments

     —          0.1  

Other income

     0.1        0.3  
  

 

 

    

 

 

 

Total investment income

   $ 7.3      $ 12.8  
  

 

 

    

 

 

 

The decrease in investment income between the three month periods was primarily due to the contraction in the Company’s overall investment portfolio since September 30, 2019, the decline in LIBOR, and the additional loans put on non-accrual status subsequent to September 30, 2019. Additionally, dividend income decreased due to the sale of Copperweld Bimetallics LLC in 2019.

Expenses

A breakdown of expenses for the three months ended September 30, 2020 and 2019 is presented below (in $ millions):

 

     For the three months ended September 30,  
     2020      2019  

Expenses

     

Interest and fees on borrowings

   $ 2.8      $ 3.4  

Base management fees

     0.9        1.2  

Other expenses

     1.1        0.8  

Administrator expenses

     0.3        0.4  
  

 

 

    

 

 

 

Total expenses

     5.1        5.8  

Management fee waiver

     (0.9      —    
  

 

 

    

 

 

 

Total expenses, net of fee waivers

     4.2        5.8  

Income tax provision, excise and other taxes

     —          0.1  
  

 

 

    

 

 

 

Total expenses after taxes

   $ 4.2      $ 5.9  
  

 

 

    

 

 

 

The decrease in operating expenses between the three month periods was due primarily to lower interest and fees on borrowings due to a reduction in borrowings outstanding, a decrease in LIBOR and lower fees resulting from a reduction in credit facility size. Additionally, the Company waived base management fees during the three months ended September 30, 2020.

 

4


Net investment income

Net investment income totaled $3.2 million and $6.9 million for the three months ended September 30, 2020 and 2019, respectively, or $0.10 and $0.22 per share, respectively, based upon 31,237,433 and 30,991,585 weighted average common shares outstanding, respectively.

The decrease in net investment income for the respective periods is primarily attributable to lower dividend income and a decrease in interest on debt and other income-producing investments due to portfolio contraction and additional loans put on non-accrual status, offset by lower net base management fees (net of waivers) and interest and fees on borrowings.

Net realized gains and losses on investments, net of income tax provision

For the three months ended September 30, 2020, First Eagle Alternative Capital BDC recognized a net realized loss on portfolio investments of $17.5 million, primarily related to the $17.5 million loss from the restructuring of OEM Group, LLC. For the three months ended September 30, 2019, the Company recognized a net realized loss on portfolio investments of $7.7 million, primarily related to a realized loss of $24.6 million in connection with the liquidation of Charming Charlie LLC, offset by a realized gain of $16.7 million from a realization of a controlled investment in Copperweld Bimetallics LLC.

Net change in unrealized appreciation on investments

For the three months ended September 30, 2020 and 2019, First Eagle Alternative Capital BDC’s investment portfolio had a net change in unrealized appreciation of $29.4 million and $1.0 million, respectively.

The net change in unrealized appreciation on investments during the three months ended September 30, 2020 was primarily due to an increase in the fair value of the Logan JV, coupled with the reversal of prior period unrealized depreciation into realized losses in connection with the restructuring of OEM Group, LLC.

Change in net assets resulting from operations

Change in net assets resulting from operations totaled $15.2 million and $0.3 million, or $0.49 and $0.01 per share based upon 31,237,433 and 30,991,585 weighted average common shares outstanding, for the three months ended September 30, 2020 and 2019, respectively.

The increase in net assets resulting from operations for the respective periods is primarily due to the net decrease of the unrealized losses in the portfolio during the three months ended September 30, 2020, offset by lower dividend income, lower interest income as a result of portfolio contraction and additional loans placed on non-accrual status, and the increase of the realized losses in the portfolio.

FINANCIAL CONDITION, INCLUDING LIQUIDITY AND CAPITAL RESOURCES

As of September 30, 2020, First Eagle Alternative Capital BDC had cash of $10.5 million.

 

5


As of September 30, 2020, the Company had $176.3 million in outstanding borrowings, which was comprised of $64.7 million outstanding on the revolving credit facility and $111.6 million of notes payable outstanding. As of September 30, 2020, borrowings outstanding had a weighted average interest rate of 5.3 percent. For the nine months ended September 30, 2020, the Company borrowed $15.5 million and repaid $17.0 million under the revolving credit facility.

For the nine months ended September 30, 2020, First Eagle Alternative Capital BDC’s operating activities provided cash of $11.2 million primarily in connection with investment activity. Financing activities included $1.5 million net borrowings on its credit facility, $12.8 million for distributions to stockholders, $2.2 million to repurchase common stock under its stock repurchase program, and $19.8 million to repurchase common stock under its tender offer that closed in July 2020. Additionally, the Company’s financing activities provided $30.0 million from the issuance of common stock.

For the nine months ended September 30, 2019, the Company’s operating activities used cash of $78.3 million primarily in connection with investment activity. Financing activities included $39.0 million used for net repayments on its credit facility, $19.9 million for distributions to stockholders, and $11.6 million to repurchase common stock.

RECENT DEVELOPMENTS

From October 1, 2020 through November 4, 2020, First Eagle Alternative Capital BDC made new investments totaling $12.2 million and follow-on investments, including revolver and delayed draw fundings, totaling $0.9 million with a combined weighted average yield of 8.3%.

On October 16, 2020, we entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement to our revolving credit facility which, among other things, (i) permanently reduced the asset coverage test from a minimum of 165 percent to a minimum of 150 percent; (ii) permanently reduced the shareholder’s equity and obligor’s net worth test from a minimum of $140,000 each to a minimum of $130,000 each; (iii) permanently reduced the size of the lender’s commitments under the revolving credit facility from $120,000 to $100,000; (iv) permanently increased the interest rate by 25 basis points, and (v) extended the maturity date from December 15, 2021 to October 16, 2023, and the termination date from December 15, 2022 to October 16, 2024.

On October 30, 2020, our board of directors declared a dividend of $0.10 per share payable on December 31, 2020 to stockholders of record at the close of business on December 15, 2020.

CONFERENCE CALL

First Eagle Alternative Capital BDC will host a conference call to discuss these results and its business outlook on November 5, 2020, at 9:30 a.m. Eastern Time.

 

6


For those wishing to participate by telephone, please dial (877) 375-9141 (domestic) or (253) 237-1151 (international). Use passcode 1398872. The Company will also broadcast the conference call live on the Investor Relations section of its website at www.feacbdc.com. Starting approximately two hours after the conclusion of the call, a replay will be available through November 15, 2020, by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering passcode 1398872. The replay will also be available on the Company’s website.

AVAILABLE INFORMATION

First Eagle Alternative Capital BDC’s filings with the Securities and Exchange Commission, press releases, earnings releases, investor presentation and other financial information are available on its website at www.feacbdc.com.

 

7


FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

(in thousands, except per share data)

 

     September 30, 2020
(unaudited)
    December 31,
2019
 

Assets:

    

Investments at fair value:

    

Non-controlled, non-affiliated investments (cost of $239,803 and $263,444, respectively)

   $ 226,667     $ 242,189  

Controlled investments (cost of $160,446 and $178,769, respectively)

     116,695       141,932  

Non-controlled, affiliated investments (cost of $2 and $2, respectively)

     2       4  

Cash

     10,536       5,890  

Escrows and other receivables

     4,745       12,353  

Interest, dividends, and fees receivable

     3,860       4,623  

Deferred tax assets

     2,063       2,267  

Deferred financing costs

     1,009       1,619  

Prepaid expenses and other assets

     808       829  

Due from affiliate

     223       192  
  

 

 

   

 

 

 

Total assets

   $ 366,608     $ 411,898  
  

 

 

   

 

 

 

Liabilities:

    

Loans payable

   $ 64,661     $ 66,161  

Notes payable ($111,607 and $111,607 face amounts, respectively, reported net of deferred financing costs of $2,136 and $2,742, respectively)

     109,471       108,866  

Accrued expenses and other liabilities

     2,538       3,434  

Deferred tax liability

     1,532       1,927  

Base management fees payable

     —         1,103  

Accrued incentive fees

     156       568  

Accrued interest and fees

     158       384  
  

 

 

   

 

 

 

Total liabilities

     178,516       182,443  

Commitments and contingencies

    

Net Assets:

    

Common stock, par value $.001 per share, 100,000 common shares authorized, 30,109 and 30,022 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively

     30       30  

Paid-in capital in excess of par

     423,739       415,596  

Accumulated deficit

     (235,677     (186,171
  

 

 

   

 

 

 

Total net assets

   $ 188,092     $ 229,455  
  

 

 

   

 

 

 

Total liabilities and net assets

   $ 366,608     $ 411,898  
  

 

 

   

 

 

 

Net asset value per share

   $ 6.25     $ 7.64  
  

 

 

   

 

 

 

 

8


FIRST EAGLE ALTERNATIVE CAPITAL BDC, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

     For the three months ended
September 30,
    For the nine months ended
September 30,
 
     2020     2019     2020     2019  

Investment Income:

        

From non-controlled, non-affiliated investments:

        

Cash interest income

   $ 4,217     $ 6,935     $ 13,298     $ 23,162  

PIK interest income

     338       329       806       676  

Other income

     102       276       224       2,475  

From non-controlled, affiliated investments:

        

Cash interest income

     —         —         —         57  

Other income

     48       101       189       493  

From controlled investments:

        

Cash interest income

     2       1,120       (247     3,550  

PIK interest income

     —         381       —         730  

Dividend income

     2,579       3,610       7,873       11,087  

Other income

     43       41       113       116  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

     7,329       12,793       22,256       42,346  

Expenses:

        

Interest and fees on borrowings

     2,439       3,047       7,687       9,688  

Base management fees

     895       1,215       2,795       4,940  

Incentive fees

     —         —         (411     —    

Administrator expenses

     268       373       882       1,215  

Other general and administrative expenses

     598       375       1,323       1,107  

Amortization of deferred financing costs

     319       340       1,516       1,370  

Professional fees

     347       281       1,171       1,230  

Directors’ fees

     191       169       543       533  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     5,057       5,800       15,506       20,083  

Management fee waiver

     (895     —         (895     (525
  

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses, net of management fee waivers

     4,162       5,800       14,611       19,558  

Excise and other taxes

     (15     121       71       359  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     3,182       6,872       7,574       22,429  

Realized (Loss) Gain and Change in Unrealized Appreciation (Depreciation) on Investments:

        

Net realized (loss) gain on investments:

        

Non-controlled, non-affiliated investments

     (84     280       (25,589     (26,203

Non-controlled, affiliated investments

     (19     (24,652     (2,493     (24,652

Controlled investments

     (17,387     16,701       (17,650     17,143  

Foreign currency transactions

     —         (191     —         (189
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized loss on investments

     (17,490     (7,862     (45,732     (33,901
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on investments:

        

Non-controlled, non-affiliated investments

     6,375       (4,972     8,119       2,935  

Non-controlled, affiliated investments

     —         24,652       (2     12,752  

Controlled investments

     23,017       (18,694     (6,914     (13,323

Translation of assets and liabilities in foreign currencies

     —         251       —         (391
  

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation on investments

     29,392       1,237       1,203       1,973  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss) from investments

     11,902       (6,625     (44,529     (31,928

Benefit for taxes on unrealized loss on investments

     165       64       192       335  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

   $ 15,249     $ 311     $ (36,763   $ (9,164
  

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income per common share:

        

Basic and diluted

   $ 0.10     $ 0.22     $ 0.24     $ 0.71  

Net increase (decrease) in net assets resulting from operations per common share:

        

Basic and diluted

   $ 0.49     $ 0.01     $ (1.16   $ (0.29

Weighted average shares of common stock outstanding:

        

Basic and diluted

     31,237       30,992       31,785       31,679  

 

9


About First Eagle Alternative Capital BDC, Inc.

First Eagle Alternative Capital BDC, Inc. (NASDAQ: FCRD) is a closed-end management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company’s investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. The Company is a direct lender to middle market companies and invests primarily in directly originated first lien senior secured loans, including unitranche investments. In certain instances, the Company also makes second lien secured loans and subordinated or mezzanine, debt investments, which may include an associated equity component such as warrants, preferred stock or other similar securities and direct equity co-investments. The Company targets investments primarily in middle market companies with annual EBITDA generally between $5 million and $25 million. The Company is headquartered in Boston, with additional origination teams in Chicago, Dallas, Los Angeles and New York. The Company’s investment activities are managed by First Eagle Alternative Credit, LLC (the “Advisor”), an investment adviser registered under the Investment Advisers Act of 1940. For more information on First Eagle Alternative Capital BDC, Inc., please visit www.feacbdc.com. For more information on First Eagle Alternative Credit, LLC, please visit www.feac.com.

Forward-Looking Statements

Statements made in this press release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements reflect various assumptions by the Company concerning anticipated results and are not guarantees of future performance. These statements can be identified by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” ”should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. These statements include but are not limited to, projected financial performance, expected development of the business, anticipated share repurchases or lack thereof, plans and expectations about future investments, anticipated dividends and the future liquidity of the Company. The accuracy of such statements involves known and unknown risks, uncertainties and other factors that, in some ways, are beyond management’s control, including the risk factors described from time to time in filings by the Company with the Securities and Exchange Commission. Such factors include: the impact of COVID-19; the introduction, withdrawal, success and timing of business initiatives and strategies; changes in political, economic or industry conditions, the interest rate environment or financial and capital markets, which could result in changes in the value of our assets; the relative and absolute investment performance and operations of our investment adviser; the impact of increased competition; the impact of future acquisitions and divestitures; the unfavorable resolution of legal proceedings; our business prospects and the prospects of our portfolio companies; the impact, extent and timing of technological changes and the adequacy of intellectual property protection; the impact of legislative and regulatory actions and reforms and regulatory, supervisory or enforcement actions of government agencies relating to us or the Advisor; the ability of the Advisor to identify suitable investments for us and to monitor and administer our investments; our contractual arrangements and relationships with third parties; any future financings by us; the ability of the Advisor to attract and retain highly talented professionals; fluctuations in foreign currency

 

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exchange rates; the impact of changes to tax legislation and, generally, our tax position; our ability to exit a control investment in a timely manner; and the ability to fund Logan JV’s unfunded commitments to the extent approved by each member of the Logan JV investment committee.

The Company undertakes no duty to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.

Investor Contact:

First Eagle Alternative Capital BDC, Inc.

Lauren Vieira

(617) 790-6070

Lauren.Vieira@feim.com

Media Contact:

Stanton Public Relations and Marketing, LLC

Kenneth Mintz

(516) 468-8019

kmintz@stantonprm.com

 

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