By Stephanie N. Rotondo
Seattle, Aug. 4 – Medley LLC sold $25 million of 6.875% $25-par unsecured notes due Aug. 15, 2026 on Thursday, according to a market source.
Price talk was in the 6.875% area, a market source reported on Tuesday when the deal was first announced.
Incapital LLC, FBR Capital Markets, JonesTrading and Ladenburg Thalmann & Co. Inc. are the joint bookrunners.
Interest will be payable on the 15th day of February, May, August and November, beginning Nov. 15. The company can redeem the notes on or after Aug. 15, 2019 at par plus accrued interest.
The notes will be listed on the New York Stock Exchange.
The New York-based asset management firm will use the proceeds to repay outstanding amounts under a senior secured term loan facility with Credit Suisse AG, Cayman Islands Branch.
| Issuer: | Medley LLC
|
| Securities: | Unsecured notes
|
| Amount: | $25 million
|
| Maturity: | Aug. 15, 2026
|
| Bookrunners: | Incapital LLC, FBR Capital Markets, JonesTrading, Ladenburg Thalmann & Co. Inc.
|
| Co-manager: | Compass Point
|
| Coupon: | 6.875%
|
| Price: | Par of $25
|
| Yield: | 6.875%
|
| Talk: | 6.875% area
|
| Call options: | On or after Aug. 15, 2019 at par plus accrued interest
|
| Pricing date: | Aug. 4
|
| Settlement date: | Aug. 9
|
| Expected listing: | NYSE
|
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