Corporate Capital Trust Begins Trading on NYSE

Corporate Capital Trust, a former non-traded business development company sponsored by CNL Financial Group and KKR & Co., began trading on the New York Stock Exchange yesterday under the ticker symbol “CCT.” The closing price was $17.60 per share on Tuesday.

The company noted that, upon listing, Corporate Capital Trust became the largest business development company on the NYSE and the third-largest externally-managed listed business development company.

As of September 30, 2017, the company had more than $4.4 billion in total assets and investments in 105 portfolio companies, with 73 percent of the portfolio in senior secured investments. Since its founding, the company has loaned approximately $8.9 billion to more than 450 companies.

“The listing is a great milestone for CCT shareholders and the product of a very successful partnership between KKR and CNL,” said Todd Builione, the incoming CEO of CCT and president of KKR credit and capital markets. “After the listing, shareholders will see an immediate benefit from reduced fees and the ability to control the liquidity of their holdings – while we expect CCT, as a listed vehicle, will have improved access to capital markets solutions and the ability to now reach institutional investors, among others.”

Representatives from Corporate Capital Trust rang the opening bell at the New York Stock Exchange to commemorate the listing, including CEO Todd Builione and executive chairman of CNL Financial Group Jim Seneff. In addition, Eric Eversole, president of Hiring our Heroes, a KKR-supported program that helps members of the military and their families, joined the company in ringing the opening bell.

In other company news, Corporate Capital Trust commenced a tender offer to purchase up to $185 million in shares of its common stock at $20.01 per share, the company’s most recent net asset value per share, as of September 30, 2017 (as adjusted for the 1-for-2.25 reverse split of its shares of common stock completed on October 31, 2017). The tender offer expires at 5:00 p.m. (EST) on December 12, 2017.

Corporate Capital Trust’s initial public offering was declared effective by the SEC in April 2011 and raised a total of $3.3 billion before closing its follow-on offering in October 2016. The company is now externally managed by KKR Credit. Shares of the non-traded REIT were last sold for $9.80 each and had a net asset value per share of $8.92, as of June 30, 2017.

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