On November 9, 2018, KCAP Financial, Inc. announced an agreement with LibreMax in which the latter would acquire KCAP Financial’s wholly-owned asset management subsidiaries.
Under the terms of the agreement, LibreMax Intermediate Holdings, LP’s (“LibreMax”) wholly owned subsidiaries will merge with KCAP Financial, Inc.’s (“KCAP”) wholly owned subsidiaries, Katonah Debt Advisors, L.L.C. (“Katonah”), Trimaran Advisors, L.L.C. (“Trimaran Advisors”), and Trimaran Advisors Management, L.L.C. (“Trimaran Management”) in exchange for $37.9 million in cash. The deal is expected to close by the end of 2018. Further terms of the deal were not disclosed.
KCAP (NASDAQ: KCAP), based in New York, is a closed-end investment company with wholly-owned asset management subsidiaries, Katonah, Trimaran Advisors, and Trimaran Management. Trimaran Advisors has approximately $3 billion in assets under management.
LibreMax, based in New York, is an asset management firm that focuses on structured credit with $2.9 billion in assets under management.
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