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Silver Spike Investment Corp. Announces Agreement to Acquire Loan Portfolio From Chicago Atlantic
NEW YORK, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. (the “Company”) (Nasdaq: SSIC), a specialty finance company that has elected to be
About this update from Chicago Atlantic Bdc, Inc.
[{"type":"text","content":"NEW YORK, Feb. 20, 2024 (GLOBE NEWSWIRE) -- Silver Spike Investment Corp. (the “Company”) (Nasdaq: SSIC), a specialty finance company that has elected to be treated as a business development company, today announced that it entered into a definitive agreement with Chicago Atlantic Loan Portfolio, LLC (“CALP”) for the purchase (the “Loan Portfolio Acquisition”) from CALP of a sizeable portfolio of loans (the “CALP Loan Portfolio”). The Company will acquire the CALP Loan Portfolio in exchange for newly issued shares of the Company’s common stock with a net asset value equal to the value of the CALP Loan Portfolio, each determined shortly before closing. The Loan Portfolio Acquisition is consistent with the Company’s new, broadened investment strategy, separately announced today. The closing of the Loan Portfolio Acquisition is subject to certain customary closing conditions. Assuming satisfaction of the conditions to the transaction, the Loan Portfolio Acquisition is expected to close in mid-2024. As of January 1, 2024, the CALP Loan Portfolio comprised 24 loans with an aggregate value of approximately $130 million. CALP has agreed to use reasonable best efforts to add 4 loans with an aggregate value of approximately $43 million to the CALP Loan Portfolio prior to the closing of the Loan Portfolio Acquisition. The Company and CALP may also agree to the addition of other loans to the CALP Loan Portfolio prior to the closing of the Loan Portfolio Acquisition. The addition of certain loans to the CALP Loan Portfolio requires third-party consents, and/or such loans may need to be acquired by CALP, and there can be no assurance that any additional loans will be added to the CALP Loan Portfolio prior to the closing of the Loan Portfolio Acquisition. Certain loans may also be removed from the CALP Loan Portfolio upon the agreement of the Company and CALP, or upon the repayment of the loans. The pro-forma information presented herein is based on data of the Company data as of September 30, 2023 and CALP Loan Portfolio data as of January 1, 2024. Based on CALP Loan Portfolio data as of January 1, 2024, following the closing of the Loan Portfolio Acquisition, the Company is expected to have approximately $213 million in net assets, and investments in approximately 27 portfolio companies. As of the closing of the Loan Portfolio Acquisition, ...