Contact Information: Contact: Bruce L. Rubin 203-983-5280
TICC Announces Full Repayment of Its Credit Facility
| Source: TICC Capital Corp.
GREENWICH, CT--(Marketwire - December 30, 2008) - TICC Capital Corp. (the "Company") (NASDAQ : TICC ) announced today that, following a period of concerted deleveraging of
its balance sheet, it has now reduced to zero its outstanding borrowings
under its credit facility with Royal Bank of Canada as agent and a lender
and Branch Banking & Trust Company as an additional lender (the "Credit
Facility"). The Company also undertook steps to unilaterally terminate its
Credit Facility, effective December 30, 2008, in accordance with its terms
as a result of the completion of the repayment of its outstanding
borrowings thereunder. The Credit Facility had been scheduled to terminate
on January 29, 2009. Jonathan Cohen, the Company's CEO, said "In the midst
of the worst credit environment in many years, we are pleased to be in a
position where we have no capital obligations to any bank or borrower. As
we head into a new year, we believe that balance sheet strength (including
the absence of borrowed money) will help to define competitive advantage.
We look forward to evaluating opportunities to deploy our available capital
in a market that we consider to be very attractive on a risk/reward basis."
About TICC Capital Corp.
We are a publicly-traded business development company principally engaged
in providing capital to small to mid-size technology-related companies.
While the structures of our financings vary, we look to invest primarily in
the debt and equity of established technology-related businesses.
Companies interested in learning more about financing opportunities should
contact Debdeep Maji, at (203) 983-5285 or visit our website at
www.ticc.com.
Forward-Looking Statements
This press release contains forward-looking statements subject to the
inherent uncertainties in predicting future results and conditions. Any
statements that are not statements of historical fact (including statements
containing the words "believes," "plans," "anticipates," "expects,"
"estimates" and similar expressions) should also be considered to be
forward-looking statements. Certain factors could cause actual results and
conditions to differ materially from those projected in these
forward-looking statements. These factors are identified from time to time
in our filings with the Securities and Exchange Commission. We undertake no
obligation to update such statements to reflect subsequent events.