Corporate Capital Trust’s Initial Public Offering


Dechert LLP served as legal advisor to Corporate Capital Trust (“CCT”) in connection with a series of transactions that culminated in its listing of the company’s shares of common stock on the New York Stock Exchange.

CCT, a business development company (“BDC”) managed by KKR & Co., commenced trading with ticker symbol “CCT” on Nov. 14, 2017. CCT is the largest BDC listed on the NYSE and the third-largest externally-managed listed BDC, with approximately US$4.4 billion in total assets as of September 30, 2017.

Prior to listing, CCT was advised by CNL Fund Advisors Company (“CFA”) and sub-advised by KKR Credit Advisors (US) LLC (“KKR”). In connection with listing, KKR and CFA entered into an agreement pursuant to which KKR became the sole investment advisor. Concurrent with the listing, CCT also commenced a tender offer to purchase up to US$185 million of its shares which is scheduled to expire on December 12, 2017.

This transaction was led by corporate partner Kenneth E. Young (Picture), financial services partner William J. Bielefeld and corporate associate Michael S. Darby.

Involved fees earner: Kenneth Young – Dechert; Michael Darby – Dechert; William Bielefeld – Dechert;

Law Firms: Dechert;

Clients: Corporate Capital Trust Inc.;

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Author: Ambrogio Visconti