Carlyle Secured Lending, Inc. (CGBD) has announced that its shareholders have approved the merger with Carlyle Secured Lending III (CSL III). The special meeting held on March 26, 2025, saw an overwhelming 96% of voting CGBD shareholders in favor of the issuance of common stock in connection with the merger.
Justin Plouffe, the CEO of both CGBD and CSL III, expressed gratitude for the strong support and approval from shareholders, emphasizing the strategic benefits and value of the merger for both sets of shareholders. The transaction is expected to close on or about March 27, 2025, subject to satisfaction or waiver of customary closing conditions.
As of December 31, 2024, Carlyle, the global investment firm with deep industry expertise, had $441 billion of assets under management. The company employs more than 2,300 people in 29 offices across four continents.
Carlyle Secured Lending, Inc. is a publicly traded business development company (BDC) that began investing in 2013, focusing on providing directly originated financing solutions across the capital structure, with a focus on senior secured lending to middle-market companies primarily located in the United States. The company is externally managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and wholly owned subsidiary of Carlyle.
On the other hand, CSL III is an externally-managed, non-diversified closed-end management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940. Its investment objective is to generate current income and, to a lesser extent, capital appreciation primarily through assembling a portfolio of secured debt investments with favorable risk-adjusted returns. CSL III’s investment activities are managed by its investment adviser, CSL III Advisor, LLC, an affiliate of Carlyle.
The combined company is expected to create long-term value through increased portfolio scale and efficiency, reflecting the conviction in the strategic benefits and value of the merger for both sets of shareholders. Following these announcements, the company's shares moved -0.1%, and are now trading at a price of $16.89. For more information, read the company's full 8-K submission here.
