MidCap Financial driving by with $400 million 8.5-year senior notes; initial guidance in 6% area

By Paul A. Harris

Portland, Ore., June 28 – MidCap Financial Issuer Trust expects to price a $400 million offering of senior notes due 2030 (expected ratings B1/B+) in a Monday drive-by, according to market sources.

Initial guidance has the deal coming to yield in the 6% area.

J.P. Morgan Securities LLC is leading the offering.

The 8.5-year notes become callable after 3.5 years.

The Bethesda, Md.-based financial services provider plans to use the proceeds to pay down its revolving credit facility and for general corporate purposes.

MidCap Financial, LLC is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries.

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