As filed with the Securities and Exchange Commission on March 15, 2011
Securities Act File No. 333-169061
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-2
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x
(Check appropriate box or boxes)
Pre-Effective Amendment No. | ¨ | |||
Post-Effective Amendment No. 3 | x |
TICC CAPITAL CORP.
(Exact name of Registrant as specified in charter)
8 Sound Shore Drive, Suite 255
Greenwich, CT 06830
(Address of Principal Executive Offices)
Registrants telephone number, including Area Code: (203) 983-5275
Jonathan H. Cohen
Chief Executive Officer
TICC Capital Corp.
8 Sound Shore Drive, Suite 255
Greenwich, CT 06830
(Name and address of agent for service)
COPIES TO:
Steven B. Boehm
John J. Mahon
Sutherland Asbill & Brennan LLP
1275 Pennsylvania Avenue, NW
Washington, DC 20004
(202) 383-0100
Approximate date of proposed public offering: From time to time after the effective date of this Registration Statement.
If any securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following box. x
It is proposed that this filing will become effective (check appropriate box):
¨ when declared effective pursuant to section 8(c).
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
Title of Securities Being Registered | Proposed Maximum Aggregate Offering Price(1) |
Amount of Registration Fee(1) | ||
Common Stock, $0.01 par value per share(2) |
$100,000,000(3) | $7,130(4) | ||
(1) | Estimated pursuant to Rule 457(o) under the Securities Act of 1933 solely for the purpose of determining the registration fee. The proposed maximum offering price per security will be determined from time to time, by the Registrant in connection with the sale by the Registrant of the securities registered under this Registration Statement. |
(2) | Subject to Note 3 below, there is being registered hereunder an indeterminate number of shares of common stock as may be sold, from time to time. |
(3) | In no event will the aggregate offering price of all securities issued from time to time pursuant to this Registration Statement exceed $100,000,000. |
(4) | Previously paid. |
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
EXPLANATORY NOTE
This Post-Effective Amendment No. 3 to the Registration Statement on Form N-2 (File No. 333-169061) of TICC Capital Corp. (the Registration Statement) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the Securities Act), solely for the purpose of filing an exhibit to the Registration Statement. Accordingly, this Post-Effective Amendment No. 3 consists only of a facing page, this explanatory note and Part C of the Registration Statement on Form N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment No. 3 does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment No. 3 shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.
PART C OTHER INFORMATION
ITEM 25. FINANCIAL | STATEMENTS AND EXHIBITS |
1. Financial Statements
The following financial statements of TICC Capital Corp. (the Registrant or the Company) are included in Part A Information Required to be in the Prospectus of the Registration Statement.
INDEX TO FINANCIAL STATEMENTS
Page | ||||
F-2 | ||||
Statements of Assets and Liabilities as of December 31, 2009 and December 31, 2008 |
F-3 | |||
F-4 | ||||
F-7 | ||||
F-9 | ||||
F-10 | ||||
F-11 | ||||
F-12 | ||||
Statements of Assets and Liabilities as of September 30, 2010 and December 31, 2009 |
F-25 | |||
F-26 | ||||
F-30 | ||||
F-33 | ||||
F-34 | ||||
Statements of Cash Flows for the nine months ended September 30, 2010 and September 30, 2009 |
F-35 | |||
F-36 |
2. Exhibits
Exhibit Number |
Description | |
a.1 | Articles of Incorporation(2) | |
a.2 | Articles of Amendment(3) | |
b. | Amended and Restated Bylaws(4) | |
d.1 | Form of Common Stock Certificate(2) | |
e. | Dividend Reinvestment Plan(5) | |
g. | Form of Amended and Restated Investment Advisory Agreement by and between Registrant and TICC Management, LLC(6) | |
h.1 | Form of Underwriting Agreement(7) | |
h.2 | Equity Distribution Agreement dated November 18, 2010(10) | |
h.3 | Underwriting Agreement dated November 30, 2010(11) | |
j. | Custodian Agreement between Registrant and State Street Bank and Trust Company(4) | |
k.1 | Administration Agreement between Registrant and BDC Partners, LLC(4) |
C-1
Exhibit Number |
Description | |
l.1 | Opinion of Sutherland Asbill & Brennan LLP(8) | |
l.2 | Opinion of Sutherland Asbill & Brennan LLP(10) | |
1.3 | Opinion of Sutherland Asbill & Brennan LLP(11) | |
n.1 | Consent of Sutherland Asbill & Brennan LLP (Incorporated by reference to exhibit l.1 hereto)(8) | |
n.2 | Consent of Independent Registered Public Accounting Firm(1) | |
n.3 | Consent of Sutherland Asbill & Brennan LLP (Incorporated by reference to exhibit l.2 hereto)(10) | |
n.4 | Consent of Sutherland Asbill & Brennan LLP (Incorporated by reference to exhibit l.3 hereto)(11) | |
r. | Code of Ethics(5) |
(1) | Filed herewith. |
(2) | Incorporated by reference to the Registrants Registration Statement on Form N-2 (File No. 333-109055), filed on September 23, 2003. |
(3) | Incorporated by reference to Current Report on Form 8-K (File No. 814-00638) filed December 3, 2007. |
(4) | Incorporated by reference to Pre-Effective Amendment No. 2 to the Registrants Registration Statement on Form N-2 (File No. 333-109055), filed on November 19, 2003. |
(5) | Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrants Registration Statement on Form N-2 (File No. 333-109055), filed on November 6, 2003. |
(6) | Incorporated by reference to Appendix B to the Registrants Proxy Materials on Schedule 14A (File No. 000-50398) filed on May 18, 2004. |
(7) | Incorporated by reference to Pre-Effective Amendment No. 1 to the Registrants Registration Statement on Form N-2 (File No. 333-169061), filed on October 15, 2010. |
(8) | Incorporated by reference to Pre-Effective Amendment No. 2 to the Registrants Registration Statement on Form N-2 (File No. 333-169061), filed on November 10, 2010. |
(9) | Incorporated by reference to Pre-Effective Amendment No. 3 to the Registrants Registration Statement on Form N-2 (File No. 333-169061), filed on November 17, 2010. |
(10) | Incorporated by reference to Post-Effective Amendment No. 1 to the Registrants Registration Statement on Form N-2 (File No. 333-169061), filed on November 19, 2010. |
(11) | Incorporated by reference to Post-Effective Amendment No. 2 to the Registrants Registration Statement on Form N-2 (File No. 333-169061), filed on December 1, 2010. |
ITEM 26. MARKETING | ARRANGEMENTS |
The information contained under the heading Plan of Distribution on this Registration Statement is incorporated herein by reference and any information concerning any underwriters for a particular offering will be contained in the prospectus supplement related to that offering.
ITEM 27. OTHER | EXPENSES OF ISSUANCE AND DISTRIBUTION |
SEC registration fee |
$ | 7,130 | ||
FINRA filing fee |
10,500 | |||
NASDAQ Global Select Market listing fee |
50,000 | |||
Printing and postage |
100,000 | |||
Legal fees and expenses |
350,000 | |||
Accounting fees and expenses |
160,000 | |||
Miscellaneous |
10,000 | |||
Total |
$ | 687,630 | ||
Note: All listed amounts are estimates.
ITEM 28. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL
We may be deemed to control certain portfolio companies. See Portfolio Companies in the prospectus.
C-2
ITEM 29. NUMBER | OF HOLDERS OF SECURITIES |
The following table sets forth the number of record holders of the Registrants common stock at February 10, 2011:
Title of Class |
Number of Record Holders |
|||
Common Stock, par value $0.01 per share |
165 |
ITEM 30. INDEMNIFICATION |
Reference is made to Section 2-418 of the Maryland General Corporation Law, Article VIII of the Registrants Articles of Incorporation, Article XI of the Registrants Bylaws, the Investment Advisory Agreement and Administration Agreement.
Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its stockholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment and which is material to the cause of action. Our charter contains such a provision which eliminates directors and officers liability to the maximum extent permitted by Maryland law, subject to the requirements of the 1940 Act.
Our charter authorizes us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while a director and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her status as a present or former director or officer and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. Our bylaws obligate us, to the maximum extent permitted by Maryland law and subject to the requirements of the 1940 Act, to indemnify any present or former director or officer or any individual who, while a director and at our request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made a party to the proceeding by reason of his service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her status as a present or former director or officer and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. The charter and bylaws also permit us to indemnify and advance expenses to any person who served a predecessor of us in any of the capacities described above and any of our employees or agents or any employees or agents of our predecessor. In accordance with the 1940 Act, we will not indemnify any person for any liability to which such person would be subject by reason of such persons willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.
Maryland law requires a corporation (unless its charter provides otherwise, which our charter does not) to indemnify a director or officer who has been successful in the defense of any proceeding to which he or she is made a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or
C-3
for a judgment of liability on the basis that a personal benefit was improperly received, unless in either case a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer upon the corporations receipt of (a) a written affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met. The Investment Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, TICC Management, LLC (the Adviser) and its officers, managers, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Registrant for any damages, liabilities, costs and expenses (including reasonable attorneys fees and amounts reasonably paid in settlement) arising from the rendering of the Advisers services under the Investment Advisory Agreement or otherwise as an investment adviser of the Registrant.
The Administration Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations, BDC Partners, LLC and its officers, manager, agents, employees, controlling persons, members and any other person or entity affiliated with it are entitled to indemnification from the Registrant for any damages, liabilities, costs and expenses (including reasonable attorneys fees and amounts reasonably paid in settlement) arising from the rendering of BDC Partners, LLCs services under the Administration Agreement or otherwise as administrator for the Registrant.
The law also provides for comparable indemnification for corporate officers and agents. Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
ITEM 31. BUSINESS | AND OTHER CONNECTIONS OF INVESTMENT ADVISER |
A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each managing director, director or executive officer of the Adviser, is or has been during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner or trustee, is set forth in Part A of this Registration Statement in the sections entitled Management Independent Directors, Interested Directors, Information about Executive Officers who are not Directors and Portfolio Management Investment Personnel. Additional information regarding the Adviser and its officers and directors is set forth in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-62278), and is incorporated herein by reference.
ITEM 32. LOCATION | OF ACCOUNTS AND RECORDS |
All accounts, books, and other documents required to be maintained by Section 31(a) of the 1940 Act, and the rules thereunder are maintained at the offices of:
(1) | the Registrant, TICC Capital Corp., 8 Sound Shore Drive, Suite 255, Greenwich, CT 06830; |
(2) | the Transfer Agent, Computershare Trust Company, N.A., 250 Royall Street, Canton, MA 02021; |
C-4
(3) | the Custodian, State Street Bank and Trust Company, 225 Franklin Street, Boston, MA 02110; and |
(4) | the Adviser, TICC Management, LLC, 8 Sound Shore Drive, Suite 255, Greenwich, CT 06830. |
ITEM 33. MANAGEMENT SERVICES
Not applicable.
ITEM 34. UNDERTAKINGS |
(1) Registrant undertakes to suspend the offering of the shares of common stock covered hereby until it amends its prospectus contained herein if (a) subsequent to the effective date of this Registration Statement, its net asset value per share of common stock declines more than 10% from its net asset value per share of common stock as of the effective date of this Registration Statement, or (b) its net asset value per share of common stock increases to an amount greater than its net proceeds as stated in the prospectus contained herein.
(2) Not applicable.
(3) Registrant undertakes in the event that the securities being registered are to be offered to existing stockholders pursuant to warrants or rights, and any securities not taken by shareholders are to be reoffered to the public, to supplement the prospectus, after the expiration of the subscription period, to set forth the results of the subscription offer, the transactions by the underwriters during the subscription period, the amount of unsubscribed securities to be purchased by underwriters, and the terms of any subsequent underwriting thereof. Registrant further undertakes that if any public offering by the underwriters of the securities being registered is to be made on terms differing from those set forth on the cover page of the prospectus, the Registrant shall file a post-effective amendment to set forth the terms of such offering.
(4) Registrant undertakes:
(a) to file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) to reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement; and
(iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.
(b) that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at the time shall be deemed to be the initial bona fide offering thereof; and
(c) to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(d) that, for the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the Registrant is subject to Rule 430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act of 1933 [17 CFR 230.497(b), (c), (d) or (e)] as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the Securities Act of 1933 [17 CFR 230.430A], shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of
C-5
contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
(e) that for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of securities, the undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:
(i) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under the Securities Act of 1933 [17 CFR 230.497];
(ii) the portion of any advertisement pursuant to Rule 482 under the Securities Act of 1933 [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and
(iii) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.
(5) (a) For the purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant under Rule 497(h) under the Securities Act of 1933 shall be deemed to be part of the Registration Statement as of the time it was declared effective.
(b) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.
(6) Not applicable.
C-6
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused Post-Effective Amendment No. 3 to this Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in the Township of Greenwich, in the State of Connecticut, on this 15th day of March, 2011.
TICC CAPITAL CORP. | ||
By: |
/s/ JONATHAN H. COHEN | |
Jonathan H. Cohen Chief Executive Officer and Director |
Pursuant to the requirements of the Securities Act of 1933, Post-Effective Amendment No. 3 to this Registration Statement on Form N-2 has been signed by the following persons on behalf of the Registrant, in the capacities indicated, on this 15th day of March, 2011. This document may be executed by the signatories hereto on any number of counterparts, all of which shall constitute one and the same instrument.
Signature |
Title | |
/s/ JONATHAN H. COHEN Jonathan H. Cohen |
Chief Executive Officer and Director (Principal Executive Officer) | |
* Steven P. Novak |
Director | |
* G. Peter OBrien |
Director | |
* Tonia L. Pankopf |
Director | |
* Charles M. Royce |
Chairman of the Board and Director | |
/s/ PATRICK F. CONROY Patrick F. Conroy |
Chief Financial Officer, Chief Compliance Officer and Corporate Secretary (Principal Financial and Accounting Officer) |
* | Signed by Jonathan H. Cohen pursuant to a power of attorney signed by each individual and filed with this registration statement on August 26, 2010. |
C-7
Exhibit n.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the use in this Registration Statement on Form N-2 of TICC Capital Corp. of our report dated March 9, 2011 relating to the financial statements and the effectiveness of internal control over financial reporting of TICC Capital Corp., which appear in such Registration Statement. We also consent to the references to us under the headings Selected Financial and Other Data and Experts in such Registration Statement.
/s/ PricewaterhouseCoopers LLP
New York, New York
March 15, 2011