Investcorp Credit Management BDC (ICMB) Form 4 Change in insider ownership

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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OMB Number:	3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Investcorp BDC Holdings Ltd

(Last) (First) (Middle)

CENTURY YARD, CRICKET SQUARE PO BOX 1111

(Street)

GRAND CAYMAN. KY1-1102 E9 BWI

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Investcorp Credit Management BDC, Inc. [ ICMB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/10/2020

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.001 par value per share	03/10/2020		P		988	A	$6.5985(1)	394,117	D(2)
Common Stock, $0.001 par value per share	03/11/2020		P		1,949	A	$6.4123(3)	396,066	D(2)
Common Stock, $0.001 par value per share	03/12/2020		P		3,080	A	$4.021(4)	399,146	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Investcorp BDC Holdings Ltd

(Last) (First) (Middle)

CENTURY YARD, CRICKET SQUARE PO BOX 1111

(Street)

GRAND CAYMAN. KY1-1102 E9 BWI

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Investcorp Credit Management US LLC

(Last) (First) (Middle)

280 PARK AVENUE

36TH FLOOR

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

SIPCO HOLDINGS LTD

(Last) (First) (Middle)

CENTURY YARD, CRICKET SQUARE PO BOX 1111

(Street)

GRAND CAYMAN KY1-1102 E9 BWI

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

Investcorp S.A.

(Last) (First) (Middle)

CENTURY YARD, CRICKET SQUARE PO BOX 1111

(Street)

GRAND CAYMAN KY1-1102 E9 BWI

(City) (State) (Zip)

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $6.50 to $6.65. The reporting person undertakes to provide to the Investcorp Credit Management BDC, Inc. (the "Company"), any security holder of the Company, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares bought at each separate price within the ranges set forth in this Form 4.

2. These shares of Common Stock are owned directly by Investcorp BDC Holdings Limited ("IBDC"). The same shares of Common Stock are reported herein as being beneficially owned by Investcorp S.A. ("Investcorp"), SIPCO Holdings Limited ("SIPCO") and Investcorp Credit Management US LLC ("ICM"). Investcorp and ICM each disclaim beneficial ownership of the shares held by IBDC, except to the extent, if any, that they have a pecuniary interest in such shares and such pecuniary interest is ultimately realized. SIPCO may be deemed to control Investcorp through its ownership of a majority of the stock of a company that indirectly owns a majority of Investcorp. SIPCO Limited disclaims beneficial ownership of the shares reported on this Form 3.

3. The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $5.93 to $6.56.

4. The price reported in Column 4 is a weighted average price. These shares were bought in multiple transactions at prices ranging from $3.25 to $4.755.

	Investcorp BDC Holdings Limited, by Patrick Maloney, attorney-in-fact /s/ Patrick Maloney	03/12/2020
	Investcorp Credit Management US LLC, by Patrick Maloney, General Counsel /s/ Patrick Maloney	03/12/2020
	SIPCO Holdings Limited, by Patrick Maloney, attorney-in-fact /s/ Patrick Maloney	03/12/2020
	Investcorp S.A., by Patrick Maloney, attorney-in-fact /s/ Patrick Maloney	03/12/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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