Michael A. Herzig - Mar 9, 2023 Form 4 Insider Report for First Eagle Alternative Capital BDC, Inc. (FCRD)

Role: 10%+ Owner
Signature: /s/ Sabrina Rusnak-Carlson as Attorney-in-Fact
Stock symbol: FCRD
Transactions as of: Mar 9, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/15/2023, 05:20 PM
Next filing: Sep 23, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FCRD	Common Stock	Disposed to Issuer		-40.2K	-100%		0	Mar 9, 2023	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Michael A. Herzig is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	On March 9, 2023, pursuant to an Agreement and Plan of Merger dated as of October 3, 2022 (the "Merger Agreement"), First Eagle Alternative Capital BDC, Inc., Crescent Capital BDC, Inc. ("CCAP"), Echelon Acquisition Sub, Inc., Echelon Acquisition Sub LLC and Crescent Cap Advisors, LLC ("CCAP Advisor") effected a merger pursuant to which CCAP acquired all of the outstanding shares of FCRDs common stock in a multi-step stock and cash transaction (the "Mergers"). Pursuant to the Merger Agreement, upon completion of the Mergers, each issued and outstanding share of FCRD common stock was converted into the right to receive a pro rata portion, subject to FCRD stockholder elections and the adjustment mechanisms set forth in the Merger Agreement with respect to the CCAP Consideration (as defined below), of (1) approximately $8.6 million in cash payable by CCAP, (2) 6,174,383 validly issued, fully paid and
F2	continued from footnote 1: non-assessable shares of CCAPs common stock, par value $0.001 per share (together, the "CCAP Consideration") and (3) $35 million in cash payable by CCAP Advisor. The disposition reported in this Form 4 is an exempt transaction.

Content

On March 9, 2023, pursuant to an Agreement and Plan of Merger dated as of October 3, 2022 (the "Merger Agreement"), First Eagle Alternative Capital BDC, Inc., Crescent Capital BDC, Inc. ("CCAP"), Echelon Acquisition Sub, Inc., Echelon Acquisition Sub LLC and Crescent Cap Advisors, LLC ("CCAP Advisor") effected a merger pursuant to which CCAP acquired all of the outstanding shares of FCRDs common stock in a multi-step stock and cash transaction (the "Mergers"). Pursuant to the Merger Agreement, upon completion of the Mergers, each issued and outstanding share of FCRD common stock was converted into the right to receive a pro rata portion, subject to FCRD stockholder elections and the adjustment mechanisms set forth in the Merger Agreement with respect to the CCAP Consideration (as defined below), of (1) approximately $8.6 million in cash payable by CCAP, (2) 6,174,383 validly issued, fully paid and

continued from footnote 1: non-assessable shares of CCAPs common stock, par value $0.001 per share (together, the "CCAP Consideration") and (3) $35 million in cash payable by CCAP Advisor. The disposition reported in this Form 4 is an exempt transaction.

Remarks:

Each of the Reporting Persons may be deemed to be a member of a Section 13(d) group that collectively beneficially owns more than 10% of the Issuer's outstanding shares of Common Stock. Each Reporting Person disclaims beneficial ownership of the securities of the Issuer owned by other members of the Section 13(d) group, except to the extent of any pecuniary interests therein, and this report shall not be deemed an admission that it is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.