By Rebecca Melvin
New York, March 11 - Kohlberg Capital Corp. priced an offering of $55 million of five-year convertibles Friday at par to yield 8.75% with an initial conversion premium of 10%, according to a syndicate source.
The Rule 144A offering has a greenshoe of $8.25 million.
JMP Securities LLC was the bookrunner.
The notes will be convertible into shares at a price of $8.44 per share of common stock.
Proceeds will be used for general corporate purposes, including investing in portfolio companies in line with its investment objective and strategies, current market conditions and the prudent maintenance of balance sheet liquidity.
Kohlberg Capital is a New York-based business development company.
Issuer: | Kohlberg Capital Corp.
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Issue: | Convertible senior notes
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Amount: | $55 million
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Greenshoe: | $8.25 million
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Maturity: | March 15, 2016
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Bookrunner: | JMP Securities LLC
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Coupon: | 8.75%
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Price: | Par
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Yield: | 8.75%
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Conversion premium: | 10%
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Conversion price: | $8.44
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Conversion ratio: | 118.5255 shares
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Calls: | Non-callable for life
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Takeover protection: | Yes
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Dividend protection: | Yes
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Pricing date: | March 11
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Settlement date: | March 16
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Distribution: | Rule 144A
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Stock symbol: | Nasdaq: KCAP
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Stock reference price: | $7.67 at close March 10
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Market capitalization: | $177.13 million
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