LPC: Credit Suisse sells BDC to CION Investment
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The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich, Switzerland July 28, 2016. REUTERS/Arnd Wiegmann/File Photo
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By Leela Parker Deo
NEW YORK (Reuters) - Credit Suisse has sold its business development company Credit Suisse Park View BDC to CION Investment Corp in a cash transaction valued at approximately US$277m.
CION, through acquisition subsidiary Park South Funding, acquired all of the common stock of CS Park View from Credit Suisse Alternative Capital, LLC, according to an October 7 statement from law firm Dechert LLP.
The Park View BDC was considered a non-strategic asset, sources familiar with the transaction told Thomson Reuters LPC.
Dechert advised CION on the acquisition, which closed on September 30.
Credit Suisse confirmed the sale.
The Park View BDC was managed by co-heads Thomas Hall and Jens Ernberg.
Following the sale, Hall is leaving Credit Suisse, the sources said. Ernberg could not immediately be reached.
BDCs are a specialized type of closed-end investment vehicle that lend to small and mid-sized private US companies.
The BDC universe includes both publicly traded funds whose shares are listed on an exchange as well as vehicles that are unlisted, or non-traded. Park View BDC is an unlisted BDC.
(Reporting by Leela Parker Deo; Editing By Jon Methven)
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