NEW YORK, Sept. 12, 2023 /PRNewswire/ -- Carlyle
Credit Income Fund (the "Fund" or "CCIF") (NYSE: CCIF) today is
pleased to announce the early completion of the initial transition
plan following the appointment of Carlyle Global Credit Investment
Management L.L.C., an affiliate of Carlyle (together with their
affiliates, "Carlyle"), as CCIF's external investment adviser. The
transition plan included the following steps:
- Carlyle completed the $10 million
one-time Payment to the Fund's shareholders of record on
July 14, 2023;
- Carlyle completed the tender offer to purchase
$25 million of CCIF shares on
August 28, 2023;
- Carlyle made an additional $15
million investment in CCIF in newly issued shares and
private share purchase;
- Successfully deployed the available initial cash proceeds for
investments received from the portfolio sale announced on
July 11, 2023, into a diverse pool of
collateralized loan obligations (CLOs); and
- Declaration of a monthly dividend for September, October, and
November 2023 equating to a 14.0%
annualized dividend, higher than the 12.0% target dividend yield
previously disclosed to investors.
"We are excited to announce that Carlyle has completed the
initial CCIF transition plan ahead of schedule," said Lauren Basmadjian, Chief Executive Officer of
Carlyle Credit Income Fund. "We are pleased with the outcome which
allowed us to increase the dividend and deliver NAV appreciation
over a short period of time. We will continue to leverage Carlyle's
expertise in CLOs to benefit the shareholders of CCIF."
CCIF is declaring a monthly dividend on shares of the Fund's
common stock of $0.0994 per share for
September, October, and November
2023. The dividends are payable on September 29, 2023, October 31, 2023, and November 30, 2023, respectively, to shareholders
of record as of September 22, 2023,
October 19, 2023, and November 17, 2023, respectively. The monthly
dividend represents an annualized yield of 14.0% based on
$8.52 net asset value as of
August 31, 2023.
Net asset value has increased from $8.27 at closing of the transaction to
$8.52 as of August 31, 2023. The increase is primarily driven
by an appreciation of value of the CLOs held by the Fund and the
exit of one of the two remaining legacy real estate positions at a
price substantially higher than the Fund's mark.
Dividends on common stock are generally paid from net investment
income (regular interest and dividends) and may also include
capital gains and/or a return of capital. The specific tax
characteristics of the dividends will be reported to the Company's
shareholders on Form 1099 after the end of the 2023 calendar
year.
Shares of closed-end funds often trade at a discount from
their net asset value. The market price of Fund shares may vary
from net asset value based on factors affecting the supply and
demand for shares, such as Fund dividend rates relative to similar
investments, investors' expectations for future dividend changes,
the clarity of the Fund's investment strategy and future return
expectations, and investors' confidence in the underlying markets
in which the Fund invests. Fund shares are subject to investment
risk, including possible loss of principal invested. No fund is a
complete investment program and you may lose money investing in the
Fund. An investment in the Fund may not be appropriate for all
investors. Before investing, prospective investors should consider
carefully the Fund's investment objective, risks, charges and
expenses. For further details, please visit Carlyle Credit Income
Fund's website at www.carlylecreditincomefund.com.
This release may contain forward-looking statements relating
to the business and financial outlook of Carlyle Credit Income Fund
that are based on the Fund's current expectations, estimates,
forecasts and projections and are not guarantees of future
performance. There is no assurance that CCIF will achieve its
investment objective. Actual results may differ materially from
those in the forward-looking statements, and you should not place
undue reliance on any such statements. A number of important
factors could cause actual results to differ materially from the
forward-looking statements contained in this release.
About Carlyle Credit Income Fund
Carlyle Credit Income
Fund (NYSE: CCIF) is an externally managed closed-end fund focused
on investing in primarily equity and junior debt tranches of
collateralized loan obligations ("CLOs"). The CLOs are
collateralized by a portfolio consisting primarily of U.S. senior
secured loans with a large number of distinct underlying borrowers
across various industry sectors. With Carlyle (NASDAQ: CG) as its
investment adviser, CCIF draws upon the significant scale and
resources of Carlyle as one of the world's largest CLO managers.
For more information
visit www.carlylecreditincomefund.com.
About Carlyle
Carlyle (NASDAQ: CG) is a global
investment firm with deep industry expertise that deploys private
capital across three business segments: Global Private Equity,
Global Credit and Global Investment Solutions. With $385
billion of assets under management as of June 30, 2023,
Carlyle's purpose is to invest wisely and create value on behalf of
its investors, portfolio companies and the communities in which we
live and invest. Carlyle employs more than 2,200 people in 29
offices across five continents. Further information is available
at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
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SOURCE Carlyle Credit Income Fund