ORLANDO, Fla., Aug. 7, 2014 (GLOBE NEWSWIRE) -- Corporate Capital Trust, a business development company that provides individuals the opportunity to invest in the debt of privately owned American companies, invested more than $300 million in seven originated transactions during the first half of 2014.
Four transactions totaling more than $120 million were funded in the first quarter of 2014, including loans to New Enterprise Stone & Lime Co., Inc. and Greystone & Co. Inc.
The remaining three originated transactions closed in the second quarter of 2014 and totaled almost $200 million. These three companies include Tweddle Group, Kurt Geiger/The Jones Group and Pacific Union Financial. Details on these transactions are highlighted below:
- Tweddle Group, based in Michigan, entered into a first-lien term loan for approximately $130 million. Tweddle Group is one of the largest automotive owner's manual and service-information companies in North America. Corporate Capital Trust provided $61 million of the overall financing to Tweddle.
- A $76 million transaction was funded with Kurt Geiger, a retailer of luxury and premium footwear sold in department stores across the United Kingdom. This transaction included an equity co-investment portion across affiliates of Kurt Geiger in the luxury footwear, accessory and clothing retail space.
- Pacific Union Financial, a privately-owned, full-service residential mortgage company based in Dallas, Texas, was issued a first-lien term loan for $200 million, $60 million of which was allocated to Corporate Capital Trust. A portion of this remains committed and unfunded as of June 30, 2014.
"We continue to see attractive originated loan opportunities in the market. CNL and KKR's combined deep industry relationships have provided us with immediate access to an established source of proprietary deal flow. With this backing, our experienced investment teams have actively sourced seven new originated investments in the first half of 2014," said Andy Hyltin, CEO of Corporate Capital Trust.
"Corporate Capital Trust was created to directly originate loans, and our allocation policy provides the company equal access to invest alongside KKR's other institutional clients," said Erik Falk, co-head of leveraged credit for KKR Asset Management. "Corporate Capital Trust also has a flexible mandate that permits us to take advantage of opportunities across the credit spectrum, including primary issuance and secondary transactions. This allows us to participate in the transactions that provide an attractive opportunity for increased value in the portfolio, while continuing the main focus on originations."
About Corporate Capital Trust
Corporate Capital Trust is an innovative non-traded business development company that provides individuals an opportunity to invest in privately owned American companies. The Company is externally managed by CNL and KKR and its investment objective is to provide shareholders with current income, and, to a lesser extent, long-term capital appreciation. The Company intends to meet its investment objective by investing primarily in the debt of privately owned companies, with a focus on originated transactions sourced through the networks of its advisors. For additional information, please visit www.CorporateCapitalTrust.com.
About CNL Financial Group
CNL Financial Group (CNL) is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $28 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit www.cnl.com.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com.
A registration statement relating to the common stock of Corporate Capital Trust, Inc. is filed with the U.S. Securities and Exchange Commission. The offering of Corporate Capital Trust's common stock is being made solely by means of a written prospectus, which is available at http://www.sec.gov or may be obtained by calling (866) 650-0650, that contains additional information about Corporate Capital Trust and should be read carefully by an investor before investing. This press release is not an offer to sell and is not soliciting an offer to buy these securities in any state where such offer or sale is not permitted. Neither the SEC, the Attorney General of the State of New York nor any other regulatory agency has passed on or endorsed the merits of this offering. Any representation to the contrary is a criminal offense.
Investors are advised to consider the investment objective, risks, charges and expenses of Corporate Capital Trust carefully before investing. Investment in Corporate Capital Trust's common stock is subject to various risks, which include, but are not limited to, limited liquidity, a limited operating history, conflicts of interests, liquidation at less than the original amounts invested and no assurances as to the sustainability of distributions.
The information in this press release may include "forward-looking statements." These statements are based on the beliefs and assumptions of Corporate Capital Trust's management and on the information currently available to management at the time of such statements. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law. Forward-looking statements generally can be identified by the words "believes," "expects," "intends," "plans," "estimates" or similar expressions that indicate future events. Important factors that could cause actual results to differ materially from Corporate Capital Trust's expectations include those disclosed in the current prospectus for the public offering of Corporate Capital Trust's common stock.
CNL Fund Advisors Company (CNL) and KKR Asset Management LLC (KKR) are affiliates of CNL Financial Group and KKR & Co. L.P., respectively.
CONTACT: Sherry Magee Senior Vice President Communications CNL Financial Group (407) 650-1223
Source:Corporate Capital Trust