# EDGAR Filing Document

**Accession Number:** 0001913721
**File Stem:** 0001913721-23-000006
**Filing Date:** 2023-1
**Character Count:** 18329
**Document Hash:** 1847f8bfe8586a0c9b867f327d0b5bc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001913721-23-000006.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0001913721-23-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221230

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGTB Private BDC
- **CENTRAL INDEX KEY:** 0001913721
- **IRS NUMBER:** 886102187
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01520
- **FILM NUMBER:** 23511655

**BUSINESS ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167
- **BUSINESS PHONE:** (212) 692-8237

**MAIL ADDRESS:**
- **STREET 1:** 245 PARK AVENUE, 26TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10167

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): December 30, 2022**

**AGTB Private BDC**

(Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **DELAWARE** | **814-01520** | **88-6102187** |
| (State or Other Jurisdiction of Incorporation) | (Commission<br>File Number) | (IRS Employer Identification Number) |

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**245 Park Avenue, 26th Floor, New York, NY 10167**

(Address of Principal Executive Offices, Zip Code)

**(212) 692-2000**

(Registrant's telephone number, including area code)

**N/A**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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|:---|:---|
| **Item 1.01** | **Entry into a Material Definitive Agreement.** |

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**Merger of AG Twin Brook Capital Income Fund and AGTB Private BDC**

On January 1, 2023, AGTB Private BDC, a Delaware statutory trust ("Private BDC"), completed its merger (the "Merger") with AG Twin Brook Capital Income Fund, a Delaware statutory trust ("TCAP"), with TCAP continuing as the surviving company. The Merger was completed pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), dated December 30, 2022, by and between TCAP and Private BDC. Prior to the Merger closing, Private BDC was an affiliated, privately-offered business development company ("BDC") managed by AGTB Fund Manager, LLC, an affiliate of Angelo, Gordon & Co., L.P. TCAP is a public, non-exchange traded BDC, with the same investment manager and investment objective as Private BDC.

The Boards of Trustees of both TCAP and Private BDC (each, a "Board"), in each case, including the majority of the trustees who are not "interested persons" (as such term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")), approved the Merger Agreement and the transactions contemplated thereby, consistent with the requirements under Rule 17a-8 of the 1940 Act. As a result, the Merger did not require shareholder approval by the shareholders of either TCAP or Private BDC for the Merger to be effected. The Merger Agreement contains customary representations and warranties by each of TCAP and Private BDC. The Merger Agreement also contains customary covenants, including, among others, covenants relating to the operation of each of TCAP's and Private BDC's businesses during the period prior to the closing of the Merger. Pursuant to the Merger Agreement, TCAP and Private BDC intend the Merger to be treated as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended, and each received an opinion to that effect from Simpson, Thacher & Bartlett LLP in connection with the closing.

Pursuant to the Merger Agreement, TCAP and Private BDC caused the Merger to be consummated by filing a certificate of merger (the "Certificate of Merger") with the Secretary of State of the State of Delaware on December 30, 2022. The Merger became effective on January 1, 2023 (the "Effective Time"), as agreed to by the parties and specified in the Certificate of Merger.

At the Effective Time, common shares of beneficial interest, par value $0.001 per share, of Private BDC outstanding immediately prior to the Effective Time were converted into a number of Class I common shares of beneficial interest, par value $0.001 per share, of TCAP (the "TCAP Common Shares") equal to a ratio of one to one. As a result, TCAP issued an aggregate of approximately 20,943,030 TCAP Common Shares to former Private BDC shareholders. The TCAP Common Shares issued and outstanding immediately prior to the Effective Time remained outstanding upon the Effective Time and were unaffected by the Merger. As a result, immediately following the Merger, TCAP had approximately 20,945,030 Class I Common Shares outstanding, and no Class S or D Common Shares outstanding.

The foregoing summary description of the Merger Agreement and the transactions contemplated thereby is subject to and qualified in its entirety by reference to the Merger Agreement, a copy of which was filed by TCAP as Exhibit 2.1 to its Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on January 5, 2023, and the terms of which are incorporated herein by reference.

The Merger Agreement has been incorporated by reference into this Current Report on Form 8-K in order to provide investors and security holders with information regarding its terms. It is not intended to provide any other information about the parties thereto or their respective subsidiaries and affiliates. The Merger Agreement contains representations, warranties, covenants and agreements that were made only for purposes of the Merger Agreement and as of specific dates; were solely for the benefit of the parties to the Merger Agreement (except as may be expressly set forth in the Merger Agreement); may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Merger Agreement instead of establishing these matters as facts; and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors and security holders should not rely on such representations, warranties, covenants or agreements, or any descriptions thereof, as characterizations of the actual state of facts or condition of any of the parties to the Merger Agreement or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties, covenants and agreements may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in public disclosures by the parties to the Merger Agreement.

In connection with the Merger, the two existing credit facilities of Private BDC were indirectly assumed by TCAP, as each of Private BDC's subsidiaries became subsidiaries of TCAP in the Merger as of the Effective Time.

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|:---|:---|
| **Item 2.01** | **Completion of Acquisition or Disposition of Assets.** |

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The information in this Current Report on Form 8-K set forth under Item 1.01 is incorporated by reference into this Item 2.01.

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|:---|:---|
| **Item 8.01** | **Other Events.** |

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A press release announcing the Merger is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) *Exhibits.*

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| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| <u>[2.1](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000006/exhibit21-mergeragreement.htm)</u> | <u>[Agreement and Plan of Merger among AG Twin Brook Capital Income Fund and AGTB Private BDC, dated as of December 30, 2022. (Incorporated by reference to Exhibit 2.1 to AG Twin Brook Capital Income Fund's Current Report on Form 8-K filed with the SEC on January 5, 2023).](https://www.sec.gov/Archives/edgar/data/1913724/000191372423000006/exhibit21-mergeragreement.htm)</u> |
| <u>[99.1](exhibit991-pressreleaseann.htm)</u> | <u>[Press Release, dated as of January 5, 2023](exhibit991-pressreleaseann.htm)[.](exhibit991-pressreleaseann.htm)</u> |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| | **AG Twin Brook Capital Income Fund,** | **AG Twin Brook Capital Income Fund,** |
| | **on behalf of AGTB Private BDC** | **on behalf of AGTB Private BDC** |
| Dated: January 5, 2023 | By: | /s/ Terrence Walters |
|  | Name: | Terrence Walters |
|  | Title: | Chief Financial Officer and Treasurer |

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## Exhibit 99.1

**Exhibit 99.1**

![image_0.jpg](image_0.jpg)

**AG Twin Brook Capital Income Fund Launches with More Than $800 Million in Assets** 

***Perpetually Offered BDC Seeks to Provide Income-Focused Individual Investors with Access to Angelo Gordon's Differentiated Middle Market Direct Lending Business, Twin Brook Capital Partners***

**NEW YORK, NY** – **January 5, 2023** – Angelo, Gordon & Co., L.P. ("Angelo Gordon" or the "Firm"), a $52 billion alternative investment firm focused on credit and real estate investing, today announced that AG Twin Brook Capital Income Fund ("TCAP" or the "Fund") has launched with more than $800 million in total assets. TCAP is a non-traded business development company ("BDC") that has approximately $530 million in equity and over $1 billion in total investment commitments at launch. Effective January 1, TCAP completed its merger with AGTB Private BDC (the "Merger"), with TCAP as the surviving company; AGTB Private BDC (the "Predecessor BDC"), TCAP's predecessor vehicle, was an affiliated, privately offered BDC with the same investment manager and investment objective as TCAP.

TCAP seeks to generate attractive, consistent total returns – predominantly in the form of current income and, to a lesser extent, capital appreciation – by targeting investment opportunities with favorable risk-adjusted returns. The Fund targets a portfolio principally comprised of floating rate, senior secured loans to borrowers in a wide variety of geographies and industries. TCAP invests predominantly in loans that are at the top of the capital structure, backed by collateral, and have strong lender protections in place, which we believe reduces risk of principal loss and delivers more stable returns over time. In line with Angelo Gordon's differentiated middle market direct lending strategy and informed by our team's wealth of experience in the space, TCAP focuses on investing in loans to U.S. private equity-backed companies in the middle market, with an emphasis on lower middle market businesses – which we define as those with less than $25 million of EBITDA.

"We've observed growing interest in private credit as an attractive alternative to traditional fixed income in recent years. However, as the private debt space has evolved and attracted more capital, we've seen investors become increasingly discerning and more selective when it comes to the types of strategies they are looking at," said Trevor Clark, Chief Executive Officer of TCAP and head of Angelo Gordon's middle market direct lending business, Twin Brook Capital Partners. "Members of the senior team at Twin Brook have spent over 20 years focused on the lower middle market, so it is not only a space that our investment professionals know well, but a substantial addressable market that we believe offers a robust opportunity set. In our view, our lower middle market-focused strategy represents a meaningful differentiation opportunity in the private credit space."

Josh Baumgarten, Co-CEO, Co-CIO, and Head of Credit at Angelo Gordon, added, "Middle market direct lending is a core component of Angelo Gordon's established credit platform, and we're thrilled to continue the growth of the business with the launch of TCAP. As the industry has continued to evolve, demand for private credit products has remained robust, and we are pleased to be able to provide a broader range of investors and advisors with access to our differentiated direct lending strategy and deeply experienced team."

In connection with the Merger, TCAP issued 20,943,030 Class I common shares to the Predecessor BDC's investors, and going forward, TCAP intends to sell shares in its continuous offering on a monthly basis.

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![image_0.jpg](image_0.jpg)

**ABOUT ANGELO, GORDON & CO., L.P.**<br>Angelo, Gordon & Co., L.P. ("Angelo Gordon") is a privately held alternative investment firm founded in November 1988. The Firm currently manages approximately $52 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit <u>www.angelogordon.com</u>.

**ABOUT TWIN BROOK CAPITAL PARTNERS**

Twin Brook Capital Partners, Angelo Gordon's middle market direct lending business, is a direct lending finance company focused on providing cash-flow based financing solutions for the middle market private equity community. The firm is managed by highly experienced, dedicated professionals who have successfully worked together throughout their careers at leading middle market lending institutions. Twin Brook's flexible product suite allows for tailored financing solutions for leveraged buyouts, recapitalizations, add-on acquisitions, growth capital, and other situations. For more information, visit <u>www.twincp.com</u>.

**FORWARD-LOOKING STATEMENTS**

Certain information contained in this press release constitutes "forward-looking statements" within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology, such as "outlook," "indicator," "believes," "expects," "potential," "continues," "may," "can," "will," "should," "seeks," "approximately," "predicts," "intends," "plans," "estimates," "anticipates", "confident," "conviction," "identified" or the negative versions of these words or other comparable words thereof. These may include TCAP's financial estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, statements regarding future performance, statements regarding economic and market trends, and statements regarding identified but not yet closed investments. Past performance is not indicative nor a guarantee of future returns. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. TCAP believes these factors include but are not limited to, TCAP's ability to achieve its investment objectives, whether growth in private credit will continue and be an attractive alternative to traditional fixed income, the availability of, and competition for, attractive investment opportunities within lower middle market, the Fund's liquidity, the Fund's use of leverage, the Fund's ability to deploy capital into its target investments, and other risks and uncertainties, including those described under the section entitled "Risk Factors" in its prospectus and annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the "SEC"), which are accessible on the SEC's website at www.sec.gov. The Fund cautions investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release. Except as otherwise required by federal securities laws, the Fund is under no duty to update any of these forward-looking statements after the date of this press release, nor to conform prior statements to actual results or revised expectations, and the Fund does not intend to do so.

**MEDIA CONTACTS**

Kaitlin Bilby

(212) 692-8231

<u>Media@angelogordon.com</u> 

Amanda Shpiner/Kevin Fitzgerald

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![image_0.jpg](image_0.jpg)

Gasthalter & Co.

(212) 257-4170

<br>