The Firm is representing First Eagle Alternative Capital BDC, Inc., a publicly traded business development company (NASDAQ: FCRD) (“FCRD”) in the announced sale of FCRD to Crescent Capital BDC, Inc., another publicly traded business development company (NASDAQ: CCAP) (“CCAP”).~~In connection with the transaction, FCRD stockholders are expected to receive a combination of (i) CCAP shares valued at 100% of CCAP’s net asset value per share at the time of closing of the transaction in an aggregate number equal to FCRD’s net asset value at closing, up to a maximum of 19.99% of outstanding CCAP shares at the time of the closing (“Share Issuance Cap”); (ii) cash from CCAP for any amounts not paid in CCAP shares due to the Share Issuance Cap; and (iii) an additional cash payment from Crescent Cap Advisors, LLC (“CCAP Adviser”) of $35 million in aggregate, or approximately $1.17 per share of FCRD stock. The exchange ratio for the stock component of the merger consideration and the amount of cash from CCAP pursuant to clauses (i) and (ii) above will be determined by the respective net asset values of CCAP and FCRD at the time of closing. In addition, FCRD stockholders may make an election to receive all or a portion of the merger consideration paid by CCAP pursuant to clauses (i) and (ii) above in either CCAP shares or in cash, subject to pro rata cut backs such that the aggregate amount of shared issued and cash paid by CCAP are equal to the amounts described in such clauses (i) and (ii). Following the transaction, FCRD stockholders are expected to own approximately 17% of the combined company.~~In addition to approval by FCRD’s stockholders, the closing of the merger is subject to customary conditions. The parties currently expect the transaction to close as early as the fourth calendar quarter of 2022.~~The Simpson Thacher team includes David Blass, JJ Dikmak and Jaime Dinan (Registered Funds); John Dougherty, Benjamin Bodurian and Kuai Yu (M&A); Jonathan Goldstein, Jonathan Cantor and Scott Grundei (Tax); Benjamin Persina (Banking and Credit); Kelly Karapetyan and Peter Guryan (Antitrust); Jonathan Ozner and Jonathan Pacheco (Capital Markets); Jamin Koslowe (ECEB); and Lori Lesser and Bobbie Burrows (Intellectual Property).