Press release
Carlyle Credit Income Fund (CCIF) Completes Initial Transition Plan, Declares Monthly Dividends and Announces August 31, 2023 Net Asset Value
NEW YORK, Sept. 12, 2023 /PRNewswire/ -- Carlyle Credit Income Fund (the "Fund" or "CCIF") (NYSE: CCIF) today is pleased to announce the early completion of
About this update from The Carlyle Group Inc.
[{"type":"text","content":"NEW YORK, Sept. 12, 2023 /PRNewswire/ -- Carlyle Credit Income Fund (the \"Fund\" or \"CCIF\") (NYSE: CCIF) today is pleased to announce the early completion of the initial transition plan following the appointment of Carlyle Global Credit Investment Management L.L.C., an affiliate of Carlyle (together with their affiliates, \"Carlyle\"), as CCIF's external investment adviser. The transition plan included the following steps:\n\n \n \n \n \n \n \n\n \nCarlyle completed the $10 million one-time Payment to the Fund's shareholders of record on July 14, 2023;Carlyle completed the tender offer to purchase $25 million of CCIF shares on August 28, 2023;Carlyle made an additional $15 million investment in CCIF in newly issued shares and private share purchase;Successfully deployed the available initial cash proceeds for investments received from the portfolio sale announced on July 11, 2023, into a diverse pool of collateralized loan obligations (CLOs); andDeclaration of a monthly dividend for September, October, and November 2023 equating to a 14.0% annualized dividend, higher than the 12.0% target dividend yield previously disclosed to investors.\"We are excited to announce that Carlyle has completed the initial CCIF transition plan ahead of schedule,\" said Lauren Basmadjian, Chief Executive Officer of Carlyle Credit Income Fund. \"We are pleased with the outcome which allowed us to increase the dividend and deliver NAV appreciation over a short period of time. We will continue to leverage Carlyle's expertise in CLOs to benefit the shareholders of CCIF.\"\nCCIF is declaring a monthly dividend on shares of the Fund's common stock of $0.0994 per share for September, October, and November 2023. The dividends are payable on September 29, 2023, October 31, 2023, and November 30, 2023, respectively, to shareholders of record as of September 22, 2023, October 19, 2023, and November 17, 2023, respectively. The monthly dividend represents an annualized yield of 14.0% based on $8.52 net asset value as of August 31, 2023.\nNet asset value has increased from $8.27 at closing of the transaction to $8.52 as of August 31, 2023. The increase is primarily driven by an appreciation of value of the CLOs held by the Fund and the exit of one of the two remaining legacy real estate positions at a price substantially higher than the Fund's mark.\nDividends...