TICC Capital, a business development company, has issued a $225 million CLO, its first, through a special purpose vehicle in which a wholly owned subsidiary owns all of the equity.

In a statement released today, TICC said the senior notes, which have an initial face value of $110.25 million and are expected to be rated 'AAA' by Standard & Poor’s and 'Aaa' by Moody’s Investors Service, were priced at three-month Libor plus 225 basis points. The senior notes will have a stated maturity date of July 25, 2021 and will be subject to a three-year non-call period. The CLO will have a three-year reinvestment period.

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