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-- Corporate Capital Trust begins trading publicly under symbol “CCT” --
(Orlando, Fla.) Nov. 16, 2017 — Corporate Capital Trust, a business development company co-sponsored by CNL Financial Group and KKR, began trading on the New York Stock Exchange on Tuesday, Nov. 14, under the ticker symbol “CCT.” CNL Executive Chairman James M. Seneff Jr. rang the opening bell with Todd Builione, CEO of Corporate Capital Trust and president of KKR Credit and Capital Markets.
Representatives of CNL and KKR participate in the ringing of the opening bell on Nov. 14
(photos courtesy of the NYSE)
Upon listing, Corporate Capital Trust became the largest business development company listed on the NYSE and the third-largest externally-managed listed business development company.
“Ringing the bell on the New York Stock Exchange is an important milestone for CNL Financial Group as well as the investors of Corporate Capital Trust. We partnered with KKR to launch this fund in 2011 because we identified the opportunity to better meet the capital needs of middle market companies, and are proud of the growth and performance it has seen,” Seneff said. “For nearly 45 years, CNL has been providing institutional quality investments to retail investors.”
As of Sept. 30, 2017, Corporate Capital Trust had more than $4.4 billion in total assets and investments in 105 portfolio companies, with 73 percent of the portfolio in senior secured investments. Corporate Capital Trust's portfolio companies are diversified across 21 industries. Since its founding, the company has lent approximately $8.9 billion to over 450 companies.
“The listing is a great milestone for CCT shareholders and the product of a very successful partnership between KKR and CNL,” said Builione. “After the listing, shareholders will see an immediate benefit from reduced fees and the ability to control the liquidity of their holdings - while we expect Corporate Capital Trust, as a listed vehicle, will have improved access to capital markets solutions and the ability to now reach institutional investors, among others.”
Concurrent with the listing, Corporate Capital Trust’s new investment advisory agreement with KKR Credit became effective. CNL and KKR continue to co-sponsor Corporate Capital Trust II, a follow-on offering.
About CNL Financial Group
CNL Financial Group (CNL) is a private investment management firm providing real estate and alternative investments. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $34 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit cnl.com.