- Company Changes Investment Mandate to Focus on Investing in
CLOs
- Will Trade Under New Stock Ticker 'CCIF'
- Carlyle Completes Previously-Announced $10 Million One-Time Payment to Company
Shareholders of Record
- Carlyle Will Launch $25
Million Tender Offer for Company Shares on July 18, 2023
- Company Board of Trustees Declares July Dividend of
$0.0551
NEW
YORK, July 17, 2023 /PRNewswire/ -- Vertical
Capital Income Fund (NYSE: VCIF) ("VCIF" or the "Company")
today announced that it has changed its corporate name from VCIF to
Carlyle Credit Income Fund ("CCIF") in connection with the closing
of the previously announced transaction with global investment
firm, Carlyle (NYSE: CG), and will begin trading under its new
corporate name effective tomorrow. 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 closing, the Company will now focus on
investing in equity and debt tranches of collateralized loan
obligations ("CLOs") in order to drive potential shareholder
value.
In addition, Carlyle Global Credit Investment Management L.L.C.,
an affiliate of Carlyle (together with their affiliates,
"Carlyle"), was appointed as CCIF's external investment adviser,
replacing Oakline Advisors, LLC, after shareholders voted to
approve, among other things, a new investment advisory agreement
between the Company and Carlyle at a special shareholder meeting
held on June 15, 2023. The special
shareholder meeting voting results were reported in the Company's
Current Report on Form 8-K filed with the Securities and Exchange
Commission (the "SEC") on June 15,
2023.
Carlyle has been investing in the credit markets for more than
20 years and is currently one of the world's largest CLO managers.
Carlyle's seasoned team of investment professionals have extensive
experience investing in, managing, and structuring CLOs. In
addition, CCIF is able to leverage the broad resources of Carlyle,
including the 20+ research analysts who support the firm. Carlyle
currently has more than $150 billion
in credit assets under management across a broad range of
strategies, including liquid credit, private credit, and real
assets credit.
"CLOs have a multi-decade track record of performing throughout
various credit cycles and generating attractive total returns,"
said Lauren Basmadjian, newly
appointed Chief Executive Officer of CCIF. "This is an exciting
time in the credit markets, and we are ready to capitalize on the
opportunities CLOs offer on behalf of CCIF's investors."
As previously announced, Carlyle has made a special one-time
payment to CCIF shareholders of $10,000,000, or approximately $0.96 per share. The one-time payment was made to
Company shareholders of record as of the close of business on
July 14, 2023.
In addition, Carlyle has made a $40
million equity commitment to CCIF, creating increased
alignment between Carlyle and Company shareholders. Carlyle will
launch a tender offer on July 18,
2023 for the purchase of up to $25,000,000 of CCIF shares. This is intended to
provide CCIF shareholders with increased liquidity after the
transaction closed. Carlyle will also make an investment in CCIF of
at least $15,000,000 in newly issued
shares and private share purchases. More information can be found
in the Company's January 12, 2023
press release announcing its definitive transaction agreement
with Carlyle, and the Company's definitive proxy statement dated
May 22, 2023.
On July 17, 2023, the Company
Board of Trustees declared a monthly common dividend of
$0.0551, which is payable on
July 31, 2023 to Company shareholders
of record as of July 25, 2023. The
monthly dividend represents an annualized yield of 8.0% based on
$8.27 net asset value as of the
closing of the transaction.
CCIF has launched a new website at
www.carlylecreditincomefund.com, where more information about the
Company and new management team can be found.
The tender offer described in this release has not yet
commenced, and this communication is neither an offer to purchase
nor a solicitation of an offer to sell securities. At the time the
tender offer is commenced, Carlyle will file with the SEC a tender
offer statement on Schedule TO. Investors and security holders are
strongly advised to read the tender offer statement (including an
offer to purchase, letter of transmittal and related tender offer
documents) and the related solicitation/recommendation statement on
Schedule 14D-9 that will be filed by CCIF with the SEC, because
they will contain important information. These documents will be
available at no charge on the SEC's website at
www.sec.gov. In addition, a copy of the offer to
purchase, letter of transmittal and certain other related tender
offer documents (once they become available) may be obtained free
of charge at www.carlyle.com. A copy of the tender
offer statement and the solicitation/recommendation statement will
be made available to all of the security holders free of charge
at www.carlylecreditincomefund.com.
This release contains forward-looking statements relating to
the business and financial outlook of CCIF that are based on CCIF's
current expectations, estimates, forecasts and projections and are
not guarantees of future performance. There is no assurance
that CCIF will achieve its investment objective. Actual
results may differ materially from those expressed in these
forward-looking statements, and you should not place undue reliance
on any such statements. A number of important factors could
cause actual results to differ materially from the forward-looking
statements contained in this release.
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.
For more information visit
www.carlylecreditincomefund.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global
investment firm with deep industry expertise that deploys private
capital across three business segments: Global Private Equity,
Global Credit and Global Investment Solutions. With
$381 billion of assets under
management as of March 31, 2023,
Carlyle's purpose is to invest wisely and create value on behalf of
its investors, portfolio companies and the communities in which we
live and invest. Carlyle employs more than 2,200 people in 29
offices across five continents. Further information is available at
www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
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SOURCE Carlyle Credit Income Fund