By Stephanie N. Rotondo
Phoenix, Feb. 19 - MVC Capital Inc. priced $70 million of 7.25% $25-par senior notes due 2023, the company said in a press release on Tuesday.
There is a $10.5 million over-allotment option.
UBS Securities LLC and Morgan Stanley & Co. Inc. are the joint bookrunning managers.
The notes are redeemable at par plus accrued interest on or after April 15, 2016.
The Purchase, N.Y.-based business development company will use proceeds to pay down a credit facility. Any remaining funds will be used for general corporate purposes.
| Issuer: | MVC Capital Inc.
|
| Securities: | Senior notes
|
| Amount: | $70 million
|
| Greenshoe: | $10.5 million
|
| Maturity: | Jan. 15, 2023
|
| Bookrunners: | UBS Securities LLC and Morgan Stanley & Co. Inc.
|
| Co-managers: | BB&T Capital Markets, JMP Securities LLC, MLV & Co. and Stern Agee & Leach Inc.
|
| Interest rate: | 7.25%, payable quarterly beginning April 15
|
| Price: | Par of $25
|
| Yield: | 7.25%
|
| Call option: | At par on or after April 15, 2016
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 26
|
| Expected listing: | NYSE: MVCB
|
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