By Paul A. Harris
Portland, Ore., May 11 – MidCap Financial Issuer Trust priced a $125 million add-on to its 6½% senior notes due 2028 (existing ratings B1/B+) at 103 to yield 5.967% in a Tuesday drive-by, according to market sources.
The issue price came at the rich end of the 102.5 to 103 price talk. Initial talk was 102.25 to 102.75.
J.P. Morgan Securities LLC was the lead.
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.
| Issuer: | MidCap Financial Issuer Trust
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| Amount: | $125 million
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| Maturity: | 2028
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| Security description: | Add-on to 6½% senior notes due 2028
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| Lead: | J.P. Morgan Securities LLC
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| Coupon: | 6½%
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| Price: | 103
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| Yield to maturity: | 5.967%
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| Trade date: | May 11
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| Existing ratings: | Moody's: B1
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| S&P: B+
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| Marketing: | Drive-by
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| Price talk: | 102.5 to 103
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| Original issue: | $875 million priced in April 2021
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