As previously disclosed on April 3, 2018, Triangle Capital Corporation (the “Company”) entered into an asset purchase agreement (the “APA”) with BSP Asset Acquisition I, LLC (the “Asset Buyer”), an affiliate of Benefit Street Partners L.L.C., pursuant to which the Company agreed to sell its December 31, 2017 investment portfolio to the Asset Buyer in exchange for $981.2 million in cash, subject to certain adjustments to reflect portfolio activity and other matters occurring after December 31, 2017 (such transaction referred to herein as the “Asset Sale”). The Asset Sale closed on July 31, 2018.

Subsequent to March 31, 2018 but prior to the closing of the Asset Sale, the Company repaid all amounts outstanding under its third amended and restated senior secured credit facility, as amended (the “Credit Facility”), and in connection with the closing of the Asset Sale, the Company terminated the Credit Facility. Also in connection with the closing of the Asset Sale, the Company repaid the Company’s debentures (the “SBA-Guaranteed Debentures”) guaranteed by the U.S. Small Business Administration (the “SBA”) and delivered necessary materials to the SBA to surrender the SBIC licenses held by the Company’s subsidiaries, Triangle Mezzanine Fund LLLP, Triangle Mezzanine Fund II LP and Triangle Mezzanine Fund III LP. In addition, as disclosed under Item 8.01 of this Current Report on Form 8-K, the Company irrevocably deposited funds with the trustee under the indenture governing the Company’s 6.375% Notes due December 15, 2022 (the “December 2022 Notes”) and 6.375% Notes due March 15, 2022 (the “March 2022 Notes” and, collectively with the December 2022 Notes, the “Notes”) for the purpose of redeeming all of the issued and outstanding Notes and paying all sums due and payable under such indenture.

The foregoing description of the APA and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the APA, a copy of which was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on April 9, 2018, and is incorporated herein by reference.

The Credit Agreement provided for commitments of $435.0 million and included an accordion feature for an increase in total borrowing size of up to $550.0 million, subject to certain conditions and the satisfaction of specified financial covenants. The revolving period of the Credit Facility under the Credit Agreement was set to end on April 30, 2021 followed by a one-year amortization period with a final maturity date of April 30, 2022. The foregoing description of the Credit Agreement is not complete and is subject to, and entirely qualified by reference to, the full text of the Credit Agreement, which is filed as Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on May 6, 2015 (the "2015 Form 8-K"), and is incorporated herein by reference, and the full text of the First Amendment to the Credit Agreement, which is filed as Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on May 3, 2017, and is incorporated herein by reference.

On July 31, 2018, the Company issued a press release announcing the closing of the Asset Sale, the redemption of the Notes and the final per share distribution to be paid to the Company’s stockholders in connection with the $85 million stockholder cash payment (the “Stockholder Payment”) from Barings LLC (“Barings”). As previously disclosed in the Company’s definitive proxy statement on Schedule 14A that was filed with the SEC on June 1, 2018, Barings will make the Stockholder Payment to the holders of record of the Company’s common stock (not including Barings) as of the date of the closing of the externalization transaction with Barings, which is anticipated to occur on August 2, 2018.

On July 31, 2018, the Company caused notices to be issued to the holders of the March 2022 Notes (CUSIP No. 895848 406; NYSE: TCCB) and the December 2022 Notes (CUSIP No. 895848 307; NYSE: TCCA) regarding the Company’s exercise of its option to redeem all of the issued and outstanding Notes, pursuant to Section 11.04 of the Indenture dated as of March 2, 2012 (the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, Section 1.01(h) of the Second Supplemental Indenture dated as of October 19, 2012 (the “Second Supplemental Indenture”), in the case of the December 2022 Notes, and Section 1.01(h) of the Third Supplemental Indenture dated as of February 6, 2015 (the “Third Supplemental Indenture” and together with the Base Indenture and the Second Supplemental Indenture, the “Indenture”), in the case of the March 2022 Notes. The Company will redeem all $80,500,000 in aggregate principal amount of the December 2022 Notes and all $86,250,000 in aggregate principal amount of the March 2022 Notes, in each case, on August 30, 2018 (the “Redemption Date”). The Notes will be redeemed at 100% of their principal amount ($25.00 per Note), plus the accrued and unpaid interest thereon from June 15, 2018, through, but excluding, the Redemption Date. Copies of the notices of redemption are attached to this Current Report on Form 8-K as Exhibit 99.2 and Exhibit 99.3 and are incorporated herein by reference.