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BlackRock TCP Capital Corp . (NASDAQ:TCPC), a business development company with a market capitalization of $661.59 million and impressive revenue growth of 20.88% over the last twelve months, announced on Monday that its subsidiary, BCIC Merger Sub, LLC, has entered into an amendment to its Revolving Credit Facility. The amendment, dated May 16, 2025, allows for the acquisition of HPS Group Adviser Holdings L.P. and HPS Partners Investment Holdings LLC by BlackRock Inc (NYSE:BLK).
The Ninth Amendment to the Second Amended and Restated Senior Secured Revolving Credit Facility, initially dated February 19, 2016, includes various lenders and Citibank, N.A. as the administrative agent. This strategic move is facilitated by changes to the existing credit agreement, which now permits the mentioned acquisition by BlackRock Inc., a significant player in the financial industry. According to InvestingPro data, TCPC maintains strong liquidity with a current ratio of 6.64, while offering shareholders a substantial 30.71% dividend yield.
The exact terms of the Revolving Credit Facility and the implications of the amendment for BlackRock TCP Capital Corp. and its stakeholders are detailed in the filed document, which is attached as Exhibit 10.1 to the 8-K form submitted to the SEC. The company has made it clear that this summary does not encompass all aspects of the agreement, and the full document should be referred to for a comprehensive understanding. For deeper insights into TCPC’s financial health, which InvestingPro rates as GOOD, along with additional exclusive analysis and ProTips, consider accessing the comprehensive Pro Research Report.
The filing also indicates that certain schedules and exhibits were omitted in accordance with SEC regulations but can be provided upon request. The information disclosed in this SEC filing is based on the press release statement issued by BlackRock TCP Capital Corp.
In other recent news, BlackRock TCP Capital Corp. reported first-quarter earnings for 2025 that exceeded analyst expectations, with an earnings per share (EPS) of $0.38, compared to the forecast of $0.334. Despite this positive earnings result, the company fell short on revenue, recording $55.89 million against the anticipated $63.94 million. The company has declared a second-quarter dividend of $0.25 and a special dividend of $0.04, indicating confidence in its financial health. BlackRock TCP Capital maintains a strong liquidity position with total liquidity of $629 million and available leverage of $530 million, allowing it to pursue new investment opportunities. Analysts from firms such as Ladenburg Thalmann and Raymond (NSE:RYMD) James have shown interest in the company’s strategies and performance, particularly regarding the handling of non-accrual positions and restructuring processes. The company remains focused on disciplined investment strategies and has not added any new names to its non-accrual list during the quarter. BlackRock TCP Capital is working to resolve challenged portfolio positions and is actively pursuing a second SBIC license to support its strategic growth initiatives.
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