PHOENIX,
Ariz. and GREENWICH,
Conn., July 23, 2024 /PRNewswire/ -- Trinity
Capital Inc. (NASDAQ: TRIN) ("Trinity" or the "Company"), a
leading provider of financing solutions to growth-stage
companies, today announced that it has launched a new vehicle
in partnership with Eagle Point Credit Management LLC ("Eagle Point
Credit"). Trinity's wholly owned registered investment adviser will
be an adviser to the new vehicle, thereby bolstering the Company's
sources of capital for lending and generating non-capital intensive
fee income.
The vehicle is being capitalized with an equity commitment of
$60 million and has the ability to
use leverage. It is intended for the vehicle to ultimately be
converted into a private business development company (BDC).
"This new vehicle gives Trinity another source of capital to
provide financing solutions to growth-stage companies, while
driving fee income to Trinity and increasing value to our
shareholders," said Kyle Brown,
Chief Executive Officer at Trinity. "We've worked closely with
Eagle Point Credit over the past few years and have seen first-hand
their thoughtful investment acumen and approach. We're very excited
to expand our relationship with this new opportunity."
The vehicle is generally expected to invest ratably in
opportunities originated by the Trinity platform, which has a
16-year track record and originations, underwriting, and portfolio
management teams across five distinct verticals – tech lending,
equipment finance, life sciences, warehouse lending, and sponsor
finance. The vehicle will help fuel the deployment trajectory of
Trinity, which saw record-breaking funding numbers during the first
half of 2024.
"We are thrilled to expand on our partnership with such a strong
growth-stage lender," said Thomas P.
Majewski, Founder and Managing Partner at Eagle Point
Credit. "We have been impressed by Trinity's track record and view
the Company as a key player in the growth lending space."
This press release does not constitute an offer to
sell or a solicitation of an offer to buy any securities.
About Trinity Capital Inc.
Trinity (Nasdaq: TRIN), an
internally managed business development company, is a leading
provider of diversified financial solutions to growth stage
companies with institutional equity investors. Trinity's investment
objective is to generate current income and, to a lesser extent,
capital appreciation through investments, including term loans,
equipment financings, and equity-related investments. Trinity
believes it is one of only a select group of specialty lenders that
has the depth of knowledge, experience, and track record in lending
to growth stage companies. For more information, please visit the
Company's website at www.trinitycap.com.
About Eagle Point Credit Management LLC
Eagle Point Credit, based in Greenwich, Connecticut, is a specialist
investment manager focused on income-oriented credit investments in
niche and inefficient markets, including CLO Securities, Portfolio
Debt Securities, Regulatory Capital Relief transactions and
Strategic Credit investments. As of May 31,
2024, Eagle Point Credit and its affiliates manage over
$10 billion of assets under
management (including committed but undrawn capital). Learn
more about Eagle Point Credit at www.eaglepointcredit.com.
Forward-Looking Statements
This press release may
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Statements other
than statements of historical facts included in this press release
may constitute forward-looking statements and are not guarantees of
future performance or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements as a result of a number of factors,
including those described from time to time in filings with
the Securities and Exchange Commission. Trinity undertakes no
duty to update any forward-looking statement made herein. All
forward-looking statements speak only as of the date of this press
release.
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SOURCE Trinity Capital Inc.