Credit Suisse Park View BDC to invest in middle-market firms via IPO

By Toni Weeks

San Luis Obispo, Calif., March 20 – Credit Suisse Park View BDC, Inc. announced plans to conduct its initial public offering of stock, according to a 497 filing with the Securities and Exchange Commission.

The newly organized, externally managed, non-diversified investment management company seeks to generate current income and, to a less extent, capital appreciation through direct investments in secured debt (including first- and second-lien senior secured loans), unsecured debt (including mezzanine debt) and, to a lesser extent, equity securities of middle-market U.S. companies. The senior debt will generally have terms of three to 10 years, while subordinated debt will generally have stated terms of five to 10 years.

The debt instruments in which the company typically invests in are not rated by national rating agencies. If they were, Credit Suisse believes they would likely receive a rating below investment grade, the filing stated.

Jens Ernberg and Thomas Hall are the portfolio managers.

The company will offer its shares on a continuous, best-efforts basis through dealer manager Credit Suisse Securities (USA), LLC. The price is expected to be $10.18 per share, equal to the company’s most recent determined net asset value per share on Feb. 28.

There will be no sales load. Total annual expenses of 6.57% include a base management fee of 2.56% and also take into account a waiver of 0.25% of the management fee.

New York-based Credit Suisse Asset Management, LLC is the investment adviser.

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