TCP Capital greenshoe exercise lifts convertibles to $140 million

By Angela McDaniels

Tacoma, Wash., Sept. 6 – The underwriters of TCP Capital Corp.’s 4.625% 5.5-year convertible senior notes exercised their $15 million over-allotment option in full, increasing the size of the issue to $140 million.

As previously reported, the company priced an upsized $125 million of the convertibles ahead of the market open on Aug. 31 at par with an initial conversion premium of 10%.

The Rule 144A deal was initially talked at $100 million in size. Pricing of the notes came at the midpoint of 4.5% to 4.75% talk for the premium and at the fixed 10% initial conversion premium.

Raymond James & Associates Inc. was the bookrunner.

The company plans to use the proceeds to repay debt under its revolving credit facilities and for other general corporate purposes.

Santa Monica, Calif.-based TCP Capital is a specialty finance company focused on credit lending to middle-market companies and small businesses.

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