By Devika Patel
Knoxville, Tenn., Nov. 1 – TCP Capital Corp. priced a $50 million add-on to its 4.125% notes (BBB-) due Aug. 11, 2022, according to a prospectus and a press release.
The notes priced at 99.494 on Tuesday at a spread of 225 basis points over Treasuries to yield 4.242%.
BofA Merrill Lynch was the bookrunner.
TCP Capital originally sold the notes on Aug. 4 in a $125 million offering at Treasuries plus 237.5 bps. The total outstanding is now $175 million.
The company will use the proceeds to repay debt under its credit facilities and for 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.
| Issuer: | TCP Capital Corp.
|
| Amount: | $50 million reopening
|
| Description: | Notes
|
| Maturity: | Aug. 11, 2022
|
| Bookrunner: | BofA Merrill Lynch
|
| Coupon: | 4.125%
|
| Price: | 99.494
|
| Yield: | 4.242%
|
| Spread: | Treasuries plus 225 bps
|
| Call feature: | Make-whole call at greater of par or Treasuries plus 40 bps
|
| Trade date: | Oct. 30
|
| Settlement date: | Nov. 3
|
| Rating: | S&P: BBB-
|
| Distribution: | SEC registered
|
| Total outstanding: | $175 million, including $125 million priced on Aug. 4 and settled Aug. 11 at 237.5 bps over Treasuries
|
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