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Credit Suisse Park View BDC, Inc. – ‘497’ on 5/26/15

On:  Tuesday, 5/26/15, at 5:30pm ET   ·   Effective:  5/26/15   ·   Accession #:  1193125-15-200345   ·   File #:  333-198981

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 5/26/15  Credit Suisse Park View BDC, Inc. 497         5/26/15    1:801K                                   RR Donnelley/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 497         Credit Suisse Park View Bdc, Inc.                   HTML    475K 

Filed Pursuant to Rule 497

File No. 333-198981

Prospectus

Credit Suisse Park View BDC, Inc.

Common Stock

Supplement No. 1 dated May 26, 2015

to

Prospectus dated March 19, 2015

This supplement contains information which amends, supplements or modifies certain information contained in the prospectus of Credit Suisse Park View BDC, Inc., which we refer to as the Company, our, us or we, dated March 19, 2015, or the Prospectus. Terms not defined herein shall have the meanings ascribed to them in the Prospectus.

You should carefully consider the “Risk Factors” beginning on page 28 of the Prospectus before you decide to invest.

FILING OF FORM 10-Q

On May 13, 2015, we filed our Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, or the Form 10-Q, with the Securities and Exchange Commission. We have attached the Form 10-Q to this supplement as Annex A.

PROSPECTUS UPDATES

Investor Suitability Standards

The following disclosure replaces the disclosure under the heading “Investor Suitability Standards” on page iv regarding the special suitability standard for Oklahoma:

“Oklahoma — In addition to the general suitability standards set forth above, investors who reside in the state of Oklahoma must have either (i) a minimum annual gross income of $100,000 and a minimum net worth of $100,000, or (ii) a minimum net worth of $250,000, exclusive of home, home furnishings and automobiles. Additionally, purchases by Oklahoma investors in us should not exceed 10% of their net worth (not including home, home furnishings and automobiles).”

Prospectus Summary / Business

Potential Competitive Advantages

The paragraph on page 7 of the Prospectus entitled “Experienced Investment Team” under the subheading “Potential Competitive Advantages” and the paragraph on page 74 of the Prospectus entitled “Experienced Investment Team” under the subheading “Potential Competitive Advantages” are hereby replaced with the following disclosure.

“Experienced Investment Team. The CCS Team, led by Messrs. Ernberg and Hall, has more than 60 years of cumulative experience in middle-market advisory, leveraged lending, credit research, and debt restructuring, including founding and running the CCS Group platform within the Investment Banking division of Credit Suisse. Messrs. Ernberg and Hall have 16 years and 18 years of experience, respectively, along with the remaining members of the CCS Team who have a range of 2 to 12 years of experience, with an average of more than 9 years of experience each. The CCS Team expects to deploy the same disciplined and rigorous investment strategy on our behalf as it has for Credit Suisse.”

Subscription Agreement

The form of subscription agreement contained in Appendix A of the Prospectus is hereby replaced with the revised form of subscription agreement attached to this Supplement No. 1 as Annex B. The revised form of subscription agreement attached to this Supplement No. 1 as Annex B supersedes and replaces the applicable form of subscription agreement contained in Appendix A of the Prospectus.

Annex A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

For the quarterly period ended March 31, 2015

OR

COMMISSION FILE NUMBER: 0-55361

CREDIT SUISSE PARK VIEW BDC, INC.

(Exact Name of Registrant as Specified in Its Charter)

One Madison Avenue

New York, NY 10010

(Address of Principal Executive Offices) (Zip Code)

(212) 325-2000

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ¨    No  x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

The number of shares of the issuer’s Common Stock, $0.01 par value, outstanding as of May 13, 2015 was 23,172,752.985.

CREDIT SUISSE PARK VIEW BDC, INC.

TABLE OF CONTENTS

2

Item 1. Financial Statements

CREDIT SUISSE PARK VIEW BDC, INC.

STATEMENTS OF ASSETS AND LIABILITIES

See accompanying unaudited notes to financial statements

3

CREDIT SUISSE PARK VIEW BDC, INC.

STATEMENT OF OPERATIONS (Unaudited)

See accompanying unaudited notes to financial statements

4

CREDIT SUISSE PARK VIEW BDC, INC.

STATEMENT OF CHANGES IN NET ASSETS (Unaudited)

See accompanying unaudited notes to financial statements

5

CREDIT SUISSE PARK VIEW BDC, INC.

STATEMENT OF CASH FLOWS (Unaudited)

See accompanying unaudited notes to financial statements

6

CREDIT SUISSE PARK VIEW BDC, INC.

SCHEDULE OF INVESTMENTS (UNAUDITED)

MARCH 31, 2015

See accompanying unaudited notes to financial statements.

7

CREDIT SUISSE PARK VIEW BDC, INC.

SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)

MARCH 31, 2015

See accompanying unaudited notes to financial statements.

8

CREDIT SUISSE PARK VIEW BDC, INC.

SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)

MARCH 31, 2015

See accompanying unaudited notes to financial statements.

9

CREDIT SUISSE PARK VIEW BDC, INC.

SCHEDULE OF INVESTMENTS (CONTINUED) (UNAUDITED)

MARCH 31, 2015

PIK -    Payment In-Kind

See accompanying unaudited notes to financial statements.

10

CREDIT SUISSE CORPORATE CREDIT SOLUTIONS, LLC

SCHEDULE OF INVESTMENTS

DECEMBER 31, 2014

11

CREDIT SUISSE CORPORATE CREDIT SOLUTIONS, LLC

SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2014

12

CREDIT SUISSE CORPORATE CREDIT SOLUTIONS, LLC

SCHEDULE OF INVESTMENTS (continued)

DECEMBER 31, 2014

PIK - Payment In-Kind

See accompanying notes to financial statements.

13

CREDIT SUISSE PARK VIEW BDC, INC.

Notes to Financial Statements

March 31, 2015 (Unaudited)

Credit Suisse Park View BDC, Inc. (the “Company”) was initially organized as Credit Suisse Corporate Credit Solutions, LLC, a single member Delaware limited liability company, on August 5, 2014 and commenced operations on September 5, 2014 with Credit Suisse Alternative Capital, LLC (“CSAC”), an indirect, wholly owned subsidiary of Credit Suisse Group AG (“Credit Suisse”) as its sole member. On January 30, 2015, the Company converted to a Maryland corporation and changed its name to Credit Suisse Park View BDC, Inc. (the “Conversion”). On February 2, 2015, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”).

In connection with the Conversion, all common units were converted to common shares at a ratio of 1.0 common share to 1.0 unit. Accordingly, earnings and other per unit data in the accompanying financial statements and related notes give retroactive effect to the Conversion.

The Company was formed primarily to lend to and selectively invest in middle market companies in the United States. The Company’s investment objective is to generate current income and to a lesser extent, capital appreciation through debt and equity investments. The Company invests in secured debt, unsecured debt, and to a lesser extent, equity securities of middle-market U.S. companies.

Credit Suisse Asset Management, LLC (“CSAM”), an indirect, wholly owned subsidiary of Credit Suisse, is the investment advisor (“Adviser”) of the Company. CSAM is a registered investment adviser under the Investment Advisers Act of 1940.

As a BDC, the Company is required to comply with certain regulatory requirements. For instance, as a BDC, the Company must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of total assets are qualifying assets. Qualifying assets include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all private operating companies, operating companies whose securities are not listed on a national securities exchange, and certain public operating companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million, in each case organized and with their principal of business in the United States.

Basis of Presentation

The accompanying financial statements are expressed in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services – Investment Companies. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Such amounts could differ from those estimates and such differences could be material. In the opinion of management, all adjustments, which are of a normal recurring nature, considered necessary for the fair presentation of financial statements have been included.

14

CREDIT SUISSE PARK VIEW BDC, INC.

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

The accompanying financial statements of the Company and related financial information have been prepared pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are not required for interim reporting and are omitted. In the opinion of management, the unaudited interim financial results included herein contain all adjustments and reclassifications that are necessary for the fair presentation of financial statements for the period included herein. These financial statements should be read in conjunction with the Company’s financial statements and notes as of December 31, 2014, and for the period August 5, 2014 (date of inception) through December 31, 2014, included on Form N-2 as filed with the Securities and Exchange Commission (“SEC”) on March 13, 2015.

Investment Transactions

The Company records investment transactions purchased on a secondary basis on the trade date. Loan originations are recorded on the date of the binding commitments, which is generally the funding date. Investments purchased on a when-issued or delayed delivery basis may settle a month or more from the trade date. Such investments are subject to market fluctuations during this period.

Fiscal Year End

The Company’s fiscal year ends on December 31.

Interest Income Recognition

Interest income is recorded on an accrual basis and includes the accretion and amortization of discounts and premiums. Discounts and premiums to par value on securities purchased are accreted or amortized into interest income over the contractual life of the respective security using the effective interest method. The amortized cost of investments represents the original cost adjusted for the amortization of discounts and premiums, if any.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. Management may determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

Other Income

From time to time, the Company may receive fees for services provided to portfolio companies by the Adviser. These fees are generally only available to the Company as a result of closing investments, are normally paid at the closing of the investments, are generally non-recurring and are recognized as revenue when earned upon closing of the investment. The services that the Adviser provides vary by investment, but generally include syndication, structuring or diligence fees, and fees for providing managerial assistance to our portfolio companies.

In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide significant services in connection with the investment, all or a portion of any loan fees received by the Company in such situations will be deferred and amortized over the life of the investment using the effective interest method.

15

CREDIT SUISSE PARK VIEW BDC, INC.

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Dividend income, if any, is recognized on an accrual basis to the extent the Company expects to collect such amount.

Investments

The Company carries its investments at fair value. Fair value is generally based on quoted market prices provided by independent pricing services, broker or dealer quotations, or alternative price sources. In the absence of quoted market prices, broker or dealer quotations, or alternative price sources, investments are measured at fair value by the investment committee of the Adviser and approved by the Board of Directors.

Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material. See Note 4 “Fair Value Measurements.”

The Company expects it will generally invest in illiquid securities, including debt and equity investments, of middle-market companies. The Board of Directors has delegated to the Adviser day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Company’s portfolio investments. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations.

With respect to investments for which market quotations are not readily available, or for which market quotations are deemed not reflective of the fair value, the valuation procedures adopted by the Board of Directors contemplate a multi-step valuation process each quarter, as described below:

16

CREDIT SUISSE PARK VIEW BDC, INC.

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Financial and Derivative Instruments

The Company recognizes all derivative instruments as assets or liabilities at fair value in its financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result the Company presents changes in fair value through current period earnings.

In the normal course of business, the Company has commitments and risks resulting from its investment transactions, which may include those involving derivative instruments. Derivative instruments are measured in terms of the notional contract amount and derive their value based upon one or more underlying instruments. While the notional amount gives some indication of the Company’s volume of derivative trading activity, it generally is not exchanged, but is only used as the basis on which interest and other payments are exchanged. Derivative instruments are subject to various risks similar to non-derivative instruments including market, credit, liquidity, and operational risks. The Company manages these risks on an aggregate basis as part of its risk management policies. The number of warrants as listed on the Schedule of Investments is an indication of the average open contracts held through the period.

Cash and Cash Equivalents

Cash and cash equivalents may consist of demand deposits and highly liquid investments (e.g. money market funds, U.S. treasury notes) with original maturities of three months or less. Cash and cash equivalents are carried at cost which approximates fair value. The Company deposits its cash and cash equivalents with a highly-rated banking institution and at times, cash deposits may exceed the insured limits under applicable laws.

Deferred Financing Costs

Financing costs for the Credit Agreement (as defined in Note 8) are capitalized and amortized over the life of the related debt instrument using the straight-line method.

Income Taxes

The Company filed an election with the SEC to be regulated as a BDC under the 1940 Act on February 2, 2015. The Company intends to elect to be treated as a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended, for the taxable year ending December 31, 2015. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes or excise taxes on any ordinary income or capital gains that it distributes at least annually to its stockholders as distributions. As a result, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s stockholders and will not be reflected in the financial statements of the Company.

Prior to January 30, 2015, the Company was a disregarded entity for Federal income tax purposes. Accordingly, no provision for federal, state or local income taxes has been provided. The non-managing member of the Company is liable for income taxes, if any, on its share of the Company’s taxable income.

17

CREDIT SUISSE PARK VIEW BDC, INC.

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

The Adviser evaluates tax positions taken or expected to be taken in the course of preparing the Company’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Company level not deemed to meet the “more-likely-than-not” threshold would be recorded as an expense in the current year. The Adviser’s conclusions regarding tax positions will be subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

Investments consisted of the following:

The industry composition of the portfolio at fair value was as follows:

18

CREDIT SUISSE PARK VIEW BDC, INC.

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

Investments in all asset classes are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Company may take into account in fair value pricing our investments include, as relevant: available current market data, including relevant and applicable market trading and transaction comparable, applicable market yields and multiples, security covenants, call protection provisions, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, M&A comparable and enterprise values, among other factors. When available, broker quotations and/or quotations provided by pricing services are considered as an input in the valuation process.

The Company follows Accounting Standards Codification 820 (“ASC 820”) for measuring the fair value of portfolio investments. Fair value is the price that would be received in the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The Company’s fair value analysis includes an analysis of the value of any unfunded loan commitments. Financial investments recorded at fair value in the financial statements are categorized for disclosure purposes based upon the level of judgment associated with the inputs used to measure their value. The valuation hierarchical levels are based upon the transparency of the inputs to the valuation of the investment as of the measurement date. The three levels are defined as follows:

19

CREDIT SUISSE PARK VIEW BDC, INC.

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

In addition to using the above inputs in investment valuations, the Company employs the valuation policy approved by the Board of Directors that is consistent with ASC 820 (see Note 2). Consistent with the Company’s valuation policy, the Company evaluates the source of inputs, including any markets in which the Company’s investments are trading, in determining fair value.

The following table presents the fair value measurements of the Company’s total investments, by major class according to the fair value hierarchy, as of March 31, 2015 and December 31, 2014:

Fair Value Hierarchy at March 31, 2015 (Unaudited)

Fair Value Hierarchy at December 31, 2014

20

CREDIT SUISSE PARK VIEW BDC, INC.

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value as of and for the three months ended March 31, 2015:

The Company typically determines the fair value of its performing debt investments utilizing a yield analysis. In a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and risk profiles. Additional consideration is given to current contractual interest rates, relative maturities and other key terms and risks associated with an investment. Among other factors, a significant determination of risk is the amount of leverage used by the portfolio company relative to the total enterprise value of the company, and the rights and remedies of our investment within each portfolio company.

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 investments primarily reflect current market yields, including indices, and readily available quotes from brokers, dealers, and pricing services as indicated by comparable assets and liabilities, as well as enterprise values and earnings before income taxes, depreciation and amortization (“EBITDA”) multiplies of similar companies and comparable market transactions for equity services.

For the three months ended March 31, 2015, there were no transfers in or out of Level 1, Level 2, or Level 3. The Company recognizes transfers between levels at the beginning of the period.

21

CREDIT SUISSE PARK VIEW BDC, INC.

Notes to Financial Statements (continued)

March 31, 2015 (Unaudited)

The table below presents the ranges of significant unobservable inputs used to value the Company’s Level 3 investments and liabilities. These ranges represent the significant unobservable inputs that were used in the valuation of each type of Level 3 investment. The ranges of these inputs are not representative of the appropriate inputs to use when calculating the fair value of any one Level 3 investment:

The following table shows the composition of the Company’s portfolio by unobservable inputs used to value the Company’s Level 3 investments and liabilities at March 31, 2015 and December 31, 2014.

Level 3 Unobservable inputs at March 31, 2015 (Unaudited)

Level 3 Unobservable inputs at December 31, 2014