Proceeds of deal used for debt repayment, general corporate purposes
By Devika Patel
Knoxville, Tenn., July 8 – TCP Capital Corp. said on Thursday that it will conduct a $32.26 million registered direct offering of stock.
The company will sell 2,336,552 common shares at $15.09 apiece. The price per share is a 2.2% discount to the July 6 closing share price of $15.43.
Settlement is expected July 13.
Proceeds will be used to repay debt under the company’s revolving credit facilities, to make investments in portfolio companies and for other general corporate purposes, including operating expenses.
“We are pleased to have structured a very efficient equity raise directly with a third-party asset manager, in which TCPC did not incur any placement agent or underwriting fees,” chairman and chief executive officer Howard Levkowitz said in a press release.
Santa Monica, Calif.-based TCP Capital is a specialty finance company focused on performing credit lending to middle-market companies and small businesses.
| Issuer: | TCP Capital Corp.
|
| Issue: | Common stock
|
| Amount: | $35,258,570
|
| Shares: | 2,336,552
|
| Price: | $15.09
|
| Warrants: | No
|
| Pricing date: | July 7
|
| Settlement date: | July 13
|
| Stock symbol: | Nasdaq: TCPC
|
| Stock price: | $15.43 at close July 6
|
| Market capitalization: | $790.5 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
