By Stephanie N. Rotondo
Seattle, Dec. 15 – Medley Capital Corp. priced $70 million of 6.5% $25-par notes due Jan. 30, 2021 on Tuesday, the company said in a news release.
The notes came at a discounted price of $24.7325, indicating a 6.75% yield, according to a trader.
Keefe Bruyette & Woods Inc., Deutsche Bank Securities Inc., Sandler O’Neill & Partners LP and Janney Montgomery Scott LLC are the joint bookrunners.
Interest will be payable quarterly. The notes become redeemable on or after Jan. 30, 2019.
Holders can also require the company to redeem the issue upon a change of control.
Proceeds will be used to redeem $40 million of unsecured notes due March 30, 2019, to repay a portion of debt under a revolving credit facility, to fund new investment opportunities and for general corporate purposes.
Medley Capital is a New York-based business development company.
| Issuer: | Medley Capital Corp.
|
| Securities: | Notes
|
| Amount: | $70 million
|
| Greenshoe: | $10.5 million
|
| Maturity: | Jan. 30, 2021
|
| Bookrunners: | Keefe Bruyette & Woods Inc., Deutsche Bank Securities Inc., Sandler O’Neill & Partners LP, Janney Montgomery Scott LLC
|
| Co-managers: | Wunderlich Securities Inc., Boenning & Scattergood Inc., KeyBanc Capital Markets Inc., JonesTrading Institutional Services LLC
|
| Coupon: | 6.5%
|
| Price: | $24.7325 per share
|
| Par: | $25
|
| Yield: | 6.75%
|
| Call options: | On or after Jan. 30, 2019 or upon a change of control at par plus accrued interest
|
| Pricing date: | Dec. 15
|
| Expected listing: | NYSE: MCX
|
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