By Wendy Van Sickle
Columbus, Ohio, Jan. 11 – Stellus Capital Investment Corp. priced $100 million of 4.875% notes due March 30, 2026 (DBRS: BBB) at a spread of Treasuries plus 438 basis points on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at par.
Raymond James & Associates, Inc. is the bookrunner.
There is a make-whole call at Treasuries plus 50 bps until Dec. 31, 2025 and a par call thereafter.
Stellus will use proceeds to redeem all of its outstanding 5.75% notes due 2022 and repay a portion of the amount outstanding under its credit facility. There is $48.9 million of the 2022 notes outstanding and $171 million outstanding under the revolver.
The closed-end, non-diversified investment management company is based in Houston.
| Issuer: | Stellus Capital Investment Corp.
|
| Amount: | $100 million
|
| Securities: | Notes
|
| Maturity: | March 30, 2026
|
| Bookrunner: | Raymond James & Associates, Inc.
|
| Coupon: | 4.875%
|
| Price: | Par
|
| Yield: | 4.875%
|
| Spread: | Treasuries plus 438 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Dec. 31, 2025, par call thereafter
|
| Change-of-control put: | At par
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 14
|
| Rating: | DBRS: BBB
|
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