Exhibit 99.1

Investcorp Credit Management BDC, Inc. Announces Preliminary Financial Results for the Quarter Ended June 30, 2021 and Quarterly Distribution

Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB” or the “Company”) announced its preliminary financial results today for its fiscal fourth quarter ended June 30, 2021.

HIGHLIGHTS

 

 

On August 25, 2021, the Company’s Board declared a distribution for the quarter ending September 30, 2021 of $0.15 per share, payable on October 14, 2021, to stockholders of record as of September 24, 2021.

 

ICMB made five investments in new portfolio companies and one investment in an existing portfolio company. These investments totaled $43.4 million. The weighted average yield of debt investments made in the quarter was 10.32%.

 

ICMB fully realized six investments during the quarter, totaling $30.9 million, and received additional partial repayments totaling $6.2 million.

 

The weighted average yield on debt investments, at cost, decreased 73 basis points to 8.04%, compared to 8.77% as of March 31, 2021.

 

Net asset value (“NAV”) decreased $1.01 per share to $6.92, compared to $7.93 as of March 31, 2021. Net assets decreased by $13.9 million or 12.64% for the quarter ended March 31, 2021.

 

On April 25, 2021, the Company redeemed the $51.4 million principal amount of the 2023 Notes with an interest rate of 6.125% at 100% of their principal amount, plus the accrued and unpaid interest.

 

Portfolio results, as of June 30, 2021:

  

Total assets

     $267.7mm  

Investment portfolio, at fair value

     $245.9mm  

Net assets

     $96.4mm  

Weighted average yield on debt investments, at cost

     8.04%  

Net asset value per share

     $6.92  

Portfolio activity in the current quarter:

  

Number of new investments

     6  

Total capital invested

     $43.4mm  

Proceeds from repayments, sales, and amortization

     $37.1mm

Number of portfolio companies, end of period

     36  

Net investment income (NII)

     $1.5mm  

Net investment income per share

     $0.11  

Net decrease in net assets from operations

     $11.9mm  

Net decrease in net assets from operations per share

     $0.85  

Quarterly per share distribution paid on July 9, 2021

     $0.15  

The Company is in the process of finalizing its financial results for the fourth quarter and fiscal year ended June 30, 2021. The Company anticipates filing its annual report on Form 10-K for the fiscal year ended June 30, 2021 in mid-September 2021 with an accompanying investor conference call to follow shortly thereafter. See “Preliminary Financial Results” below for additional information.

Mr. Michael C. Mauer, the Company’s Chief Executive Officer, said “During the quarter we saw many developments in our portfolio. Several investments have continued to show improvement in this COVID environment, some have been significantly monetized or repaid over the past several quarters and two of our investments, 1888 Industrial Services, LLC and American Teleconferencing Services, Ltd. (d/b/a/ Premiere Global Services, Inc.), have experienced significant declines in value. At this point we believe the portfolio is positioned for further recovery over the next 6-18 months. We are now focused on portfolio rotation and managing the leverage on the portfolio.”


The following information was filed by Investcorp Credit Management Bdc, Inc. (ICMB) on Wednesday, August 25, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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