By Paul A. Harris
Portland, Ore., June 28 – MidCap Financial Issuer Trust priced a $400 million issue of 8.5-year senior notes (B1/B+/BB) at par to yield 5 5/8% in a Monday drive-by, according to market sources.
The yield printed at the tight end of yield talk in the 5¾% area and tighter than initial guidance in the 6% area.
There was a heavy amount of reverse inquiry in the deal, which was heard to be playing to around $1.8 billion of orders at noon ET on Monday, a trader said.
J.P. Morgan Securities LLC ran the books.
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.
| Issuer: | MidCap Financial Issuer Trust
|
| Amount: | $400 million
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 423 bps
|
| First call: | Jan. 15, 2025 at 102.813
|
| Trade date: | June 28
|
| Settlement date: | June 30
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¾% area
|
| Marketing: | Drive-by
|
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