MidCap Financial to sell $125 million tap of 6½% notes on Tuesday; initial talk 102.25-102.75

By Paul A. Harris

Portland, Ore., May 11 – MidCap Financial Issuer Trust plans to price a $125 million add-on to its 6½% senior notes due 2028 (existing ratings B1/B+) in a Tuesday drive-by, according to market sources.

Initial price talk is 102.25 to 102.75, a trader said.

J.P. Morgan Securities LLC is the lead.

The original notes came in an $875 million issue in April 2021 and were sold with three years of call protection.

The add-on notes are being issued under the same indenture as that which governs the original notes.

The Bethesda, Md.-based middle market specialty finance services provider plans to use the proceeds for general corporate purposes, which may include repayment of debt under its revolver.

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