Credit Suisse’s BDC picked up by Cion

The transaction is the latest in a string of deals that is remaking the BDC landscape.

Credit Suisse Park View, the Zurich-based investment bank’s business development, will be sold to Cion Investment Corporation.

The New York-based purchases, Icon Investment’s BDC, is scheduled to pay a $276.9 million purchase price, according to a 3 October regulatory filing submitted with the SEC. The parties entered into a sale agreement on 30 September.

Cion is managed by Icon and sub-advised by Apollo Global Management. A source familiar with the matter said Icon is interviewing some of the former Credit Suisse BDC employees, while a second source said Apollo may hire some of those people as well.

Icon declined to comment on the transaction.

Credit Suisse put its BDC on the block in July, PDI exclusively reported, with the Swiss financial firm’s own mergers and acquisitions advisory group representing the BDC in the sale process and initial bids due 21 July. Second round bids were due in mid-August, the first source told PDI.

The Credit Suisse BDC itself had seen its net asset value per share decline to $8.79 as of 30 June from $10.09 in March 2015. The firm’s dividends rose and fell over the past year. The first, paid out in June 2014, was $0.19. The dividend later rose to $0.22 and $0.49 for the following two quarters, but then fell back down to $0.16 as of this March. The last dividend it paid out was back to the original $0.19.

This is one of several BDC M&A transactions this year. Ares Capital Corporation purchased American Capital, creating a $13 billion BDC behemoth. In a second transaction, Benefit Street Partners is set to buy Business Development Corporation of America, pending shareholder approval. A vote on the transaction is scheduled for 28 October.

Cion a non-traded BDC that primarily invests in senior secured debt in company with $50 million in EBITDA or less.