Medley greenshoe lifts add-on to 7.25% notes due 2024 to $34.5 million

By Wendy Van Sickle

Columbus, Ohio, Feb. 22 – Medley Management Inc. operating company Medley LLC’s underwriters fully exercised the $4.5 million over-allotment option on the company’s add-on to its 7.25% notes due 2024, according to a news release.

The greenshoe exercise brings the total add-on size to $34.5 million.

As previously reported, Medley priced a $30 million add-on to its 7.25% $25-par seven-year notes at $25.25 per $25 principal amount on Feb. 16.

The size was increased from a planned $25 million.

The price was slightly higher than talk for a price of $25.20.

FBR Capital Markets & Co., Incapital LLC, BB&T Capital Markets, William Blair & Co., Compass Point Research & Trading LLC, Ladenburg Thalman & Co. Inc. and JonesTrading are the joint bookrunners.

Proceeds will be used to repay part of the borrowings under Medley LLC’s term loan and for general corporate purposes.

Medley priced the initial $30 million of the notes on Jan. 13, and underwriters also exercised the full $4.5 million greenshoe for that issue. Medley now has $69 million of the notes outstanding.

Medley is a credit-focused asset management firm based in New York.

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