TCP Capital plans $100 million five-year convertibles to yield 4.75%-5.25%, up 12.5%-17.5%

By Rebecca Melvin

New York, June 10 – TCP Capital Corp. plans to sell $100 million of five-year convertible senior notes after the market close Wednesday that were talked to yield 4.75% to 5.25% with an initial conversion premium of 12.5% to 17.5%, according to a syndicate source.

The Rule 144A deal has a $15 million greenshoe and was being sold via Citigroup Global Markets Inc., BofA Merrill Lynch and Deutsche Bank Securities Inc.

The notes are non-callable. They have net share settlement.

Proceeds are to repay amounts outstanding under its revolving credit facilities and to make investments in portfolio companies and for other general corporate purposes, including payment of operating expenses.

Santa Monica, Calif.-based TCP Capital is a specialty finance company.

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