<SEC-DOCUMENT>0001193125-18-181916.txt : 20180829
<SEC-HEADER>0001193125-18-181916.hdr.sgml : 20180829
<ACCEPTANCE-DATETIME>20180601170355
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-18-181916
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20180601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Triangle Capital CORP
		CENTRAL INDEX KEY:			0001379785
		IRS NUMBER:				061798488
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202
		BUSINESS PHONE:		(704) 805-7200

	MAIL ADDRESS:	
		STREET 1:		300 SOUTH TRYON STREET
		STREET 2:		SUITE 2500
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Triangle Capital CORP
		DATE OF NAME CHANGE:	20061101
</SEC-HEADER>
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<TYPE>CORRESP
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Eversheds Sutherland (US) LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">700 Sixth
Street, NW, Suite 700<BR>Washington, DC 20001-3980</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">D: +1 202.383.0176<BR>F: +1
202.637.3593</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">stevenboehm@</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">eversheds-sutherland.com</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">June&nbsp;1, 2018 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman"><B>Via EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Securities
and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attn: Jay Williamson, Esq. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">100 F
Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Triangle Capital Corporation</B> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;1 to Preliminary Proxy Statement on
Schedule 14A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>filed on May&nbsp;17, 2018 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B><U>File No.</U><U></U><U><FONT STYLE="white-space:nowrap">&nbsp;814-00733</FONT></U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Williamson: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:8%; font-size:10pt; font-family:Times New Roman">On behalf of Triangle Capital Corporation<B> </B>(the &#147;<B><I>Company</I></B>&#148;), set forth below are the
Company&#146;s responses to the oral comments provided by the staff of the Division of Investment Management (the &#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>SEC</I></B>&#148;) to the Company on
May&nbsp;25, 2018 relating to Amendment No.&nbsp;1 to the Company&#146;s preliminary proxy statement on Schedule 14A (File <FONT STYLE="white-space:nowrap">No.&nbsp;814-00733),</FONT> filed with the SEC on May&nbsp;17, 2018 (the
&#147;<B><I>Preliminary Proxy Statement</I></B>&#148;). The Staff&#146;s comments are set forth below in italics and are followed by the Company&#146;s responses. Where indicated, revised disclosure has been included in the Definitive Proxy
Statement on Schedule 14A filed by the Company on the date hereof (the &#147;<B><I>Definitive Proxy Statement</I></B>&#148;). Capitalized terms used herein and not otherwise defined have the meanings ascribed to such terms in the Preliminary Proxy
Statement. Unless otherwise noted, references to page numbers herein refer to the page numbers of the Preliminary Proxy Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The Staff notes the Company&#146;s response to Comment 15 in the Company&#146;s response letter, dated May&nbsp;17, 2018 (the &#147;</I><B><I>Prior Response Letter</I></B><I>&#148;), to the oral comments provided by
the Staff to the Company on May&nbsp;2, 2018 relating to the Company&#146;s preliminary proxy statement on Schedule 14A (File <FONT STYLE="white-space:nowrap">No.&nbsp;814-00733),</FONT> filed with the SEC on April&nbsp;18, 2018, and requests
additional information. Briefly explain to the Staff why the actions the Company has taken with regard to the Maryland Business Combination Act are consistent with the Staff&#146;s position with respect to Section&nbsp;18(i) and Section&nbsp;61 of
the Investment Company Act of 1940, as amended (the &#147;</I><B><I>1940 Act</I></B><I>&#148;), as set forth in <U>Boulder Total Return Fund, Inc.</U> (SEC <FONT STYLE="white-space:nowrap">No-action</FONT> Letter pub. avail. Nov.&nbsp;15, 2010) (the
&#147;</I><B><I>Boulder <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter</I></B><I>&#148;). </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><U><B>Response</B></U>: The Company has reviewed the Staff&#146;s published position in the Boulder No-Action Letter with respect to Section
18(i) and Section 61 of the 1940 Act and confirms that the Company&#146;s actions with regard to the Maryland </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:8pt; font-family:Times New Roman">Eversheds Sutherland (US)
LLP is part of a global legal practice, operating through various separate and distinct legal entities, under Eversheds Sutherland. For a full description of the structure and a list of offices, please visit www.eversheds-sutherland.com. </P>


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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Jay&nbsp;Williamson</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 1, 2018</P>
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Business Combination Act (the &#147;<B><I>MBCA</I></B>&#148;) are consistent with such position. In this regard, the Company notes that the Staff&#146;s position in the Boulder <FONT
STYLE="white-space:nowrap">No-Action</FONT> Letter relates to the Maryland Control Share Acquisition Act (the &#147;<B><I>MCSAA</I></B>&#148;) and that the Boulder <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter makes no mention of the
MBCA. In particular, the Staff stated in the Boulder <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter<I> </I>that it believes &#147;the use of the [MCSAA by a fund] to restrict the ability of certain shareholders to vote &#145;control
shares&#146; . . . would be inconsistent with the fundamental requirements of Section&nbsp;18(i) of the [1940] Act that every share of stock issued by [such fund] be voting stock and have equal voting rights with every other outstanding voting
stock.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; text-indent:8%; font-size:10pt; font-family:Times New Roman">The MCSAA provides that &#147;[h]olders of control shares acquired in a control share acquisition have no
voting rights with respect to control shares except to the extent approved by the stockholders at a meeting . . . by the affirmative vote of <FONT STYLE="white-space:nowrap">two-thirds</FONT> of all the votes entitled to be cast on the matter,
excluding all interested shares.&#148; Thus, according to the Staff&#146;s position in the Boulder <FONT STYLE="white-space:nowrap">No-Action</FONT> Letter, the MCSAA&#146;s provisions are inconsistent with the equal voting rights requirement under
Section&nbsp;18(i) of the 1940 Act and nullify &#147;the voting rights of an acquiring person with respect to control shares . . . because such acquiring person would no longer presently be entitled to vote such shares for the election of
directors,&#148; which the Staff states is a right to which every share of stock issued by an investment company must entitle the owner of such share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; text-indent:8%; font-size:10pt; font-family:Times New Roman">In contrast to the MCSAA&#146;s disenfranchisement of holders of control shares, the provisions of the MBCA do not restrict
the ability of any stockholder to vote generally in the election of directors or otherwise. Rather, the MBCA prohibits for a period of five years any &#147;business combination&#148; between the Maryland corporation and any &#147;interested
stockholder,&#148; which is generally defined as the beneficial owner of at least ten percent of the voting power of the outstanding stock of the corporation (<I>i.e.</I>, the MBCA prohibits a &#147;second-step
<FONT STYLE="white-space:nowrap">freeze-out</FONT> transaction&#148;). In addition, among other <FONT STYLE="white-space:nowrap">non-voting-related</FONT> items, after the five-year moratorium period, the MBCA requires that, in addition to any other
vote required by law or a Maryland corporation&#146;s charter, a &#147;business combination&#148; must be recommended by the board of directors and approved by the affirmative vote of at least (1)&nbsp;80% of all the votes entitled to be cast by
outstanding shares of voting stock, voting together as a single voting group, and <FONT STYLE="white-space:nowrap">(2)&nbsp;two-thirds</FONT> of the votes entitled to be cast by holders of voting stock other than voting stock held by an
&#147;interested stockholder&#148; who is (or whose affiliate is) a party to the business combination or by an affiliate or associate of the interested stockholder, voting together as a single group. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; text-indent:8%; font-size:10pt; font-family:Times New Roman">During the five-year moratorium, the MBCA simply prohibits a corporation&#146;s business combination with an interested
stockholder; it has no effect on the voting rights of stockholders vis-<I>&agrave;</I>-vis each other. Even after the five-year moratorium, the MBCA has no effect on the general voting rights of the interested stockholder. Rather, opting into the
MBCA&#146;s provisions serves to increase the voting threshold for entering into a business combination with an interested stockholder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:17%; text-indent:8%; font-size:10pt; font-family:Times New Roman">In conclusion, unlike the MCSAA, the Company advises the Staff that an &#147;interested stockholder&#148; in a corporation
that has opted into the MBCA still has the right to vote its shares on all matters on which other holders of voting stock </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Jay&nbsp;Williamson</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 1, 2018</P>
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in such corporation may vote. In addition, the Company advises the Staff that the Company is aware of multiple instances in which the Staff has issued a comment to a business development company
subject to the provisions of the MBCA setting forth the Staff&#146;s position that it would be inconsistent with Section&nbsp;18(i) of the 1940 Act for such Maryland-incorporated fund to <FONT STYLE="white-space:nowrap">opt-in</FONT> to the
provisions of the MCSAA, while remaining silent as to the fact that the relevant company is also subject to the MBCA. In light of the foregoing, the Company believes that the Staff&#146;s concerns relating to the MCSAA as expressed in the Boulder <FONT
STYLE="white-space:nowrap">No-Action</FONT> Letter do not arise in the context of the MBCA. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>2.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The Staff notes the Company&#146;s response to Comment 19 in the Prior Response Letter and the disclosure added to page 64. The Staff believes this information is material to a stockholder&#146;s voting and
investment decision and should be disclosed in the Summary Term Sheet where the Company describes the Asset Purchase Agreement. Please revise the disclosure as appropriate. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has revised the disclosure on page 3 of the Definitive Proxy Statement in response to the Staff&#146;s
comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>3.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The Staff notes the Company&#146;s response to Comment 24 in the Prior Response Letter and the revised disclosure on page 74. As previously requested, if significant competitors were excluded from the Selected
Companies Analysis, please explain why they were excluded. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: Houlihan Lokey has advised the
Company that it did not exclude from its Selected Companies Analysis any companies that it considered a significant direct competitor of the Company. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>4.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The Staff notes the Company&#146;s response to Comment 51 in the Prior Response Letter and the revised disclosure on page 145 and requests clarification. In this respect, the disclosure describing Barings&#146;
incentive to incur leverage to achieve the incentive fee should be revised to reflect the fact that the portfolio earns investment income on gross assets, while the hurdle is based on invested capital, and borrowings increase one without increasing
the other. Please clarify as appropriate. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has revised the disclosure on pages 33
and 145 of the Definitive Proxy Statement in response to the Staff&#146;s comment. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>5.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The Staff refers to the disclosure on page 111 under &#147;Trading Plan; Open Market Purchases&#148; and similar disclosure throughout the Preliminary Proxy Statement. Please clarify the legitimate purpose behind the
Trading Plan. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: Given the transition from an internally managed business development company to
an externally managed business development company and the transition of the Company&#146;s portfolio, the Company and Barings believe it is important to demonstrate an alignment of Barings&#146; interest with the Company&#146;s stockholders and an
emphasis on supporting the Company&#146;s stock price during the transition period. Barings has advised the Company that the Trading Plan will be structured to require that all trades be made in strict compliance with all applicable rules and
regulations, including regulations </P>

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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Jay&nbsp;Williamson</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 1, 2018</P>
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governing market manipulation. As such, the Trading Plan will require trades to be made in compliance with the safe harbor provided by Rule <FONT STYLE="white-space:nowrap">10b-18</FONT> under
the Securities Exchange Act of 1934, as amended. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>6.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>With regard to the Trading Plan, please commit to filing with the SEC a current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> once the plan is adopted with details about the plan, including its start
date and termination date, and attach the Trading Plan as an exhibit thereto. </I></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company
advises the Staff that Barings has confirmed that it will coordinate with the Company to file with the SEC a current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> disclosing the requested information and will include the Trading Plan as
an exhibit thereto. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>7.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>The Staff refers to the sixth bullet point on page 64, under the heading entitled &#147;Reasons for the Transactions.&#148; The disclosure added in response to Comment 20 of the Prior Response Letter appears to be
inaccurate as the Purchase Price paid under the Asset Purchase Agreement is not being paid to the Company&#146;s stockholders. Please revise the disclosure or advise the Staff as appropriate. </I></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has revised the disclosure on page 64 of the Definitive Proxy Statement in response to the Staff&#146;s
comment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp; * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">If you have any questions or additional comments concerning the foregoing, please contact me at (202) <FONT
STYLE="white-space:nowrap">383-0176</FONT> or Harry Pangas at (202) <FONT STYLE="white-space:nowrap">383-0805.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Steven Boehm</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Steven Boehm</P></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">E. Ashton Poole, <I>Triangle Capital Corporation</I> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Steven C. Lilly, <I>Triangle Capital
Corporation</I> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">C. Robert Knox, Jr., <I>Triangle Capital Corporation</I> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Harry Pangas, <I>Eversheds Sutherland (US) LLP</I> </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
