Filing of Certain Prospectuses and Communications in Connection With Business Combination Transactions (425)

Filed by Crescent Capital BDC, Inc. pursuant to Rule 425 under the Securities Act of 1933 and deemed filed under Rule 14a-12 of the Securities Exchange Act of 1934 Subject Company: Alcentra Capital Corporation; Commission File No. 814-01064 ,Filed by Crescent Capital BDC, Inc. pursuant to Rule 425 under the Securities Act of 1933 and deemed filed under Rule 14a-12 of the Securities Exchange Act of 1934 Subject Company: Alcentra Capital Corporation; Commission File No. 814-01064 ,

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1 2 3 4 5 6 10 9 8 7 6 5 4 3 2 1 0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 |1 2 3 4 5 6 10 9 8 7 6 5 4 3 2 1 0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 |

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1 2 3 4 5 6 • 1,800 1,716 • 1,532 1,524 1,600 • 1,399 1,299 1,400 • 1,165 1,200 • • 1,000 858 800 • 600• • 400 37 36 21 30 34 37 200 (2%) (2%) (3%) (3%) (2%) (2%) • • - 2014 2015 2016 2017 2018 06/2019 • YTD |1 2 3 4 5 6 • 1,800 1,716 • 1,532 1,524 1,600 • 1,399 1,299 1,400 • 1,165 1,200 • • 1,000 858 800 • 600• • 400 37 36 21 30 34 37 200 (2%) (2%) (3%) (3%) (2%) (2%) • • - 2014 2015 2016 2017 2018 06/2019 • YTD |

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1 2 3 4 5 6 8.5% $692 9.2% $493 8.0% 7.3% $319 7.2% $218 $138 2015 2016 2017 2018 Q3 '19 (2) Weighted Average Yield 1L Unitranche 2L Unsecured Equity Senior Loan Fund Private Fund Investment & Other 113% 107% 106% 103% 84% 8.4% 7.5% 5.9% 5.0% 2.8% (3) 2015 2016 2017 2018 YTD 9/19 (5) (4) Dividend Coverage Dividend Yield |1 2 3 4 5 6 8.5% $692 9.2% $493 8.0% 7.3% $319 7.2% $218 $138 2015 2016 2017 2018 Q3 '19 (2) Weighted Average Yield 1L Unitranche 2L Unsecured Equity Senior Loan Fund Private Fund Investment & Other 113% 107% 106% 103% 84% 8.4% 7.5% 5.9% 5.0% 2.8% (3) 2015 2016 2017 2018 YTD 9/19 (5) (4) Dividend Coverage Dividend Yield |

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