Crescent Capital BDC, Inc. (CCAP) Earnings Call Transcript & Summary

Ladies and gentlemen, thank you for standing by, and welcome to the Crescent Capital BDC Special Shareholder Meeting. [Operator Instructions] I would now like to hand the conference over to your speaker today, Jason Breaux. Please go ahead, sir.

Thank you. Hello, everyone. The Special Meeting of the Stockholders of Crescent Capital BDC, Inc. will please come to order. I, Jason Breaux, Chief Executive Officer of Crescent Capital BDC, Inc., will act as chairman of this meeting; and Mr. Nyasha Hungwe will act as secretary of this meeting. We are holding this meeting in a virtual-only format via the Internet due to the continued public health impact of the COVID-19 outbreak to comply with government advisories limiting public gatherings and to support the health and well-being of our stockholders and employees. The notice of this meeting stated that the purpose of the meeting was to cover the approval of the new advisory agreement between Crescent Capital BDC, Inc. and Crescent Capital Advisors, LLC, the corporation's current investment adviser, to take effect upon the consummation of the acquisition of a controlling stake in Crescent Capital Group, LP, the adviser's parent company, by Sun Life Financial Inc. Mr. Hungwe, will you please affirm proof of notice of this meeting?

I affirm that I have here a copy of the notice of the meeting dated November 12, 2020, together with an affidavit of an authorized representative of Crescent Capital BDC, Inc. after the mailing of the notice of the meeting to stockholders of record at the close of business on November 13, 2020.

Mr. Hungwe having approved -- having affirmed proof of the notice of this meeting, I order the affidavit of mailing to be filed with the minutes of this meeting. I hereby appoint Mr. James J. Raitt to act as the inspector of election to determine, one, the number of shares represented at the meeting; two, the existence of a quorum; and three, the validity and effect of proxies and to receive and tabulate the votes on the matters to be acted upon at the meeting. Mr. Raitt has executed an affidavit to execute his duties as an inspector faithfully. The secretary will attach the affidavit to the meetings of this minute -- to the minutes of this meeting. Mr. Raitt has presented a list of stockholders as of the close of business on October 16, 2020, the record date fixed by the Board of Directors for the purpose of determining the stockholders entitled to notice of and to vote at this meeting.

There are 28,167,360 common shares entitled to vote at this meeting currently.

Thank you. Each holder of common stock entitled to vote at this meeting has the right to 1 vote for each share recorded in their name. Mr. Raitt, please state the number of shares present in proxy or in person.

There are present in person or by proxy no less than 20 million shares represented in excess or greater than half of the shares issued and outstanding of the corporations entitled to vote at this meeting.

Legal notice of the meeting having been given and a quorum being present, the meeting is lawfully convened and ready to transact business. The polls are now open, and all stockholders entitled to vote at this meeting have the ability to do so online. If you are a stockholder entitled to vote and have not yet voted or if you want to change your previously cast vote, please do so via the website used to access this meeting. Please remember that if you have already voted by proxy, it is not necessary to vote again. After voting has been completed on all matters on the agenda, we will close the polls, and the inspector of election will tally the votes, and I will report the preliminary votes for each proposal. The only item of business on the agenda is the approval of the new advisory contract between Crescent Capital BDC, Inc. and Crescent Capital Advisors, LLC, which is the current investment adviser to Crescent Capital BDC, Inc. Following the consummation of the acquisition by Sun Life Financial Inc. of a majority stake in Crescent Capital Group, LP, which is the parent company of Crescent Capital Advisors, LLC. Each holder of common stock entitled to vote at this meeting has the right to 1 vote for each share recorded in their name. Since the presentation of each proposal is complete, everyone has had the opportunity to vote, the polls are now closed. Will the inspector of election please tally the votes. The inspector's report having been filed, I report on the voting as follows: the motion to approve the adoption of a new investment advisory agreement between Crescent Capital BDC, Inc. and Crescent Capital Advisors, LLC, the corporation's current investment adviser. Therefore, the new advisory agreement is adopted. We've reserved time to address questions from the stockholders attending this meeting. If there are questions, you may submit them now. Given that there are no questions from the stockholders attending this meeting and no additional business, the meeting is hereby adjourned. Thank you.

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.