Credit Suisse BDC up and running

The Credit Suisse Park View BDC has been declared effective by the SEC. The non-traded vehicle launched at $10.18 per share with a maximum offering amount of $500 million.  

The Credit Suisse Park View BDC was declared effective by the Securities and Exchange Commission in March. Last week (April 20), the manager also filed for exemptions and relief from some of the rules set forth by the Investment Company Act of 1940, which governs BDCs. The non-traded vehicle was launched at $10.18 per share for a maximum offering amount of $500 million. It originally registered in September last year, as PDIpreviously reported.

John Popp (pictured) is the chief executive and president of the vehicle. Bruce Rosenberg is listed as the chief financial officer and Enrique Arzac is an independent director, while Steven Rappaport takes the role of chairman of the board. Emidio Morizio is the chief compliance officer and Rocco DelGuercio is the treasurer. The group is based in Credit Suisse’s New York office and has been managing money as part of the corporate credit strategies segment for the firm for some time, first as part of the bank and later under Credit Suisse Asset Management.

As of the end of last year, the group’s portfolio was comprised of 99.4 percent senior secured loans (including 44 percent first lien debt, 49.2 percent first lien unitranche or collateral debt and 5.7 percent second lien debt), with the balance in equity, according to the filing. More than 90 percent of the portfolio was floating-rate debt and 8.9 percent was in fixed-rate debt, with the remainder in equity and other investments.

 The Goldman Sachs Liberty Harbor Capital BDC also launched its publicly traded vehicle last month, by offering six million shares on the New York Stock Exchange. Most BDCs launch in non-traded firm first and, provided that they raise enough capital, start trading on an exchange later. Morgan Stanley is also reportedly weighing an entrance into the BDC space.