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Investcorp Credit Management BDC (NASDAQ: ICMB) starts strategic review with Houlihan Lokey

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Investcorp Credit Management BDC, Inc. announced that it has engaged Houlihan Lokey as financial advisor to assist the Special Committee of Independent Directors in an ongoing review of strategic alternatives aimed at maximizing shareholder value. The committee is evaluating a broad range of strategic, financial and business configuration options.

The company has not set a timetable, has made no decisions, and notes there is no assurance the review will result in any specific transaction or outcome. Management does not plan to provide further updates until a definitive course of action is approved, the review concludes, or additional disclosure is deemed appropriate.

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Insights

ICMB starts formal strategic review with external advisor, but no deal yet.

Investcorp Credit Management BDC, Inc. has formally engaged Houlihan Lokey to advise a Special Committee of independent directors on “strategic alternatives.” This typically covers options such as a sale, merger, externalization changes, or other structural moves, though no specific path is identified.

The company explicitly states there is no timetable and no assurance that any transaction or change will occur. That language frames this as an exploratory process rather than a committed deal. The impact for investors will depend entirely on whether the review leads to a concrete transaction approved by the board.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Target company revenue threshold $50 million annual revenue Minimum revenue for middle-market companies ICMB seeks to invest in
Target company EBITDA threshold $15 million EBITDA Minimum EBITDA for middle-market companies ICMB targets
strategic alternatives financial
"ongoing review of strategic alternatives aimed at maximizing shareholder value"
Strategic alternatives are different options a company considers to improve its value or achieve its goals, such as selling the business, merging with another company, or restructuring operations. For investors, understanding these options is important because they can significantly impact the company's future direction and its stock value, often signaling potential changes or opportunities.
Special Committee of Independent Directors financial
"assist the Special Committee of Independent Directors in its ongoing review"
business development company financial
"regulated as a business development company under the Investment Company Act of 1940"
A business development company is a publicly traded investment vehicle that lends to and buys stakes in smaller or privately held companies, acting like a combination of a lender, investor, and business partner. It matters to investors because BDCs offer the potential for higher regular income through dividends and diversified exposure to growing businesses, but they can also carry greater credit and liquidity risk than typical stocks or bonds—think higher-yielding but riskier income instruments.
forward-looking statements regulatory
"Statements included in this press release may contain “forward-looking statements,”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Understanding 8-K Material Events →
false 0001578348 0001578348 2026-04-20 2026-04-20
 
 

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): April 20, 2026

 

 

Investcorp Credit Management BDC, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   814-01054   46-2883380

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification Number)

280 Park Avenue

39th Floor

New York, NY 10017

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (212) 257-5199

Not Applicable

(Former Name or Former Address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K 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:

 

Title of Each Class

  

Trading
Symbol(s)

  

Name of Each Exchange

on Which Registered

Common Stock, par value $0.001 per share   ICMB   The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

 

 
 

Item 8.01.

Other Events.

On April 20, 2026, Investcorp Credit Management BDC, Inc. issued a press release announcing that it has retained Houlihan Lokey Capital, Inc. as its financial advisor to assist the Special Committee of Independent Directors in its ongoing review of strategic alternatives aimed at maximizing shareholder value. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits:

 

Exhibit
Number		    Description
99.1    Press Release, dated April 20, 2026
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

SIGNATURES

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.

 

Dated: April 20, 2026   INVESTCORP CREDIT MANAGEMENT BDC, INC.
    By:  

/s/ Suhail A. Shaikh

    Name:   Suhail A. Shaikh
    Title:   President and Chief Executive Officer

Exhibit 99.1

Investcorp Credit Management BDC, Inc. Engages Financial Advisor to Assist in

Ongoing Review of Strategic Alternatives

NEW YORK—April 20, 2026 — Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) (“ICMB” or the “Company”) today announced that it has engaged Houlihan Lokey, a leading independent investment bank, as its financial advisor to assist the Special Committee of Independent Directors in its ongoing review of strategic alternatives.

As previously announced, the Special Committee is evaluating a broad range of strategic, financial and business configuration options for the Company.

ICMB has not set a timetable for the conclusion of its review and has not made any decisions at this time. There can be no assurance that the review will result in the completion of any specific transaction or outcome. The Company does not intend to comment further with respect to this review unless or until its Board of Directors has approved a definitive course of action, the review process has concluded, or it is determined that other disclosure is appropriate.

About Investcorp Credit Management BDC, Inc.

The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments by targeting investment opportunities with favorable risk-adjusted returns. The Company seeks to invest primarily in middle-market companies that have annual revenues of at least $50 million and earnings before interest, taxes, depreciation, and amortization of at least $15 million. The Company’s investment activities are managed by its investment adviser, CM Investment Partners LLC (“CMIP”). Investcorp Credit Management US LLC (“Investcorp”), a subsidiary of Investcorp Bank B.S.C., controls CMIP. To learn more about Investcorp Credit Management BDC, Inc., please visit www.icmbdc.com.

Forward Looking Statement

Statements included in this press release may contain “forward-looking statements,” which relate to future performance, operating results, events, financial condition and/or exploration of strategic alternatives. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. Any forward-looking statements, including statements other than statements of historical facts, included in this press release are based upon current expectations, are inherently uncertain, and involve a number of assumptions and substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company’s control.

Investors are cautioned not to place undue reliance on these forward-looking statements. Any such statements are likely to be affected by other unknowable future events and conditions, which the Company may or may not have considered, including, without limitation, (i) the ability of the Company to identify and complete any strategic transaction or other course of action; (ii) the timing and outcome of the strategic review process; (iii) changes in base interest rates; (iv) the effects of significant market volatility on our business, our portfolio companies, our industry and the global economy; and (v) other risks, uncertainties and factors set forth in the Company’s Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission. Accordingly, such statements cannot be guarantees or assurances of any aspect of future performance or events. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors and risks. More information on these risks and other potential factors that could affect actual events and the Company’s performance and financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included, is or will be included in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s 2025 Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. All forward-looking statements speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Contacts

Investcorp Credit Management BDC, Inc.

Investor Relations

Email: icmbinfo@investcorp.com

Phone: (212) 703-1154

Source: View Original Filing on SEC EDGAR

FAQ

What did Investcorp Credit Management BDC, Inc. (ICMB) announce on April 20, 2026?

Investcorp Credit Management BDC, Inc. announced it engaged Houlihan Lokey as financial advisor to assist a Special Committee of Independent Directors in an ongoing review of strategic alternatives. The company emphasized the process is exploratory and no specific transaction or outcome has been decided.

What are the strategic alternatives ICMB’s Special Committee is reviewing?

ICMB’s Special Committee is evaluating a broad range of strategic, financial and business configuration options for the company. The filing does not list specific alternatives, only that they are intended to maximize shareholder value and remain under active review by independent directors with Houlihan Lokey’s assistance.

Has ICMB committed to any transaction as part of this strategic review?

ICMB has not committed to any transaction. The company clearly states it has made no decisions and there can be no assurance the review will result in any specific transaction or outcome. This underscores that the process is still at an evaluation stage, without a defined conclusion.

Will Investcorp Credit Management BDC, Inc. provide ongoing updates about the review?

ICMB does not intend to comment further on the review while it is ongoing. The company plans to provide updates only if its board approves a definitive course of action, the process concludes, or it determines that additional disclosure is appropriate under the circumstances.

Who is advising ICMB’s Special Committee in the strategic review?

Houlihan Lokey Capital, Inc., described as a leading independent investment bank, has been engaged as financial advisor to ICMB’s Special Committee of Independent Directors. Houlihan Lokey will assist the committee in analyzing strategic, financial and business configuration options for the company’s future direction.

What is ICMB’s investment objective and typical target company size?

ICMB’s investment objective is to maximize total return to stockholders through current income and capital appreciation from debt and related equity investments. The company seeks to invest primarily in middle-market companies with at least $50 million in annual revenue and $15 million in EBITDA.

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents