Harvest Capital invests in small, mid-sized firms via IPO proceeds

By Toni Weeks

San Luis Obispo, Calif., May 6 - Harvest Capital Credit Corp. announced plans to raise up to $51 million in its initial public offering of stock, according to a 497 filing with the Securities and Exchange Commission.

The externally managed, non-diversified, closed-end management investment company aims to generate both current income and capital appreciation by primarily making direct investments in the form of subordinated debt and, to a less extent, senior debt and minority equity investments, in privately held U.S. small to mid-sized companies.

The investment team is led by Richard P. Buckanavage and Ryan T. Magee and includes Joseph A. Jolson, Carter D. Mack and Bryan B. Hamm.

The offering is being led by Keefe, Bruyette & Woods, Inc. and JMP Securities LLC.

The company plans to sell 3.4 million shares at $15 each for potential proceeds of $51 million. There is a greenshoe for an additional 433,333 shares for further proceeds of $6.5 million. Harvest's common stock has been approved for listing on the Nasdaq under the symbol "HCAP."

The sales load is 1.1%. Total annual expenses of 16.27% include a management fee of 3.33%.

HCAP Advisors LLC is the investment adviser.

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