By Cristal Cody
Tupelo, Miss., Aug. 4 – TCP Capital Corp. priced an upsized $125 million of 4.125% five-year notes (BBB-) on Friday at 99.701 to yield 4.192%, or Treasuries plus 237.5 basis points, according to a press release and a 497AD filing with the Securities and Exchange Commission.
The deal was upsized from an initial $100 million offering and came at the tight end of talk set in the Treasuries plus 250 bps area, plus or minus 12.5 bps.
BofA Merrill Lynch and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay amounts outstanding under the company’s TCPC funding facility and for other general corporate purposes. As of Thursday, TCP Capital had $175 million outstanding under the funding facility due April 26, 2021 with advances bearing a rate of Libor plus 225 bps or Libor plus 250 bps.
TCP Capital is a Santa Monica, Calif.-based holding company that owns the common limited partner interests in Special Value Continuation Partners, LP, which are closed-end non-diversified management investment companies that are treated as business development companies. The specialty finance company focuses on credit lending to middle-market companies and small businesses.
| Issuer: | TCP Capital Corp.
|
| Amount: | $125 million
|
| Description: | Notes
|
| Maturity: | Aug. 11, 2022
|
| Bookrunners: | BofA Merrill Lynch and Wells Fargo Securities LLC
|
| Senior co-manager: | Deutsche Bank Securities Inc.
|
| Co-managers: | Raymond James & Associates, Inc., Keefe, Bruyette & Woods, Inc., RBC Capital Markets, LLC, ING Financial Markets LLC, Natixis Securities Americas LLC and Capital One Securities, Inc.
|
| Coupon: | 4.125%
|
| Price: | 99.701
|
| Yield: | 4.192%
|
| Spread: | Treasuries plus 237.5 bps
|
| Call features: | Make-whole call at greater of par or Treasuries plus 40 bps
|
| Change-of-control put: | Par
|
| Trade date: | Aug. 4
|
| Settlement date: | Aug. 11
|
| Rating: | S&P: BBB-
|
| Distribution: | SEC registered
|
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