Bookrunners BofA, Citigroup, Credit Suisse, RBC assist with offering
By Devika Patel
Knoxville, Tenn., Sept. 25 - THL Credit, Inc. said it completed an $85.88 million public offering of stock. The offering was announced on Sept. 19 and priced for $74.68 million with an $11.2 million greenshoe on Sept. 20.
The company sold 6,095,000 common shares at $14.09 per share. The price per share reflects a 3.76% discount to the Sept. 19 closing share price of $14.64. Of the shares, 795,000 were part of the fully exercised greenshoe.
The offering was conducted by joint bookrunners BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC.
Proceeds will be used to repay $46.1 million of debt under the company's revolving credit facility and for general corporate purposes, including working capital. The company said in a 497 filing with the Securities and Exchange Commission that it intends to reborrow under its revolver to make investments in debt and equity securities of middle-market companies.
Boston-based THL Credit is an externally managed, non-diversified, closed-end management investment company. Its investment objective is to generate current income and capital appreciation through investments in privately negotiated debt and equity securities of middle-market companies.
| Issuer: | THL Credit, Inc.
|
| Issue: | Common stock
|
| Amount: | $85,878,550 (including $11,201,550 greenshoe)
|
| Shares: | 6,095,000
|
| Price: | $14.09
|
| Warrants: | No
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC
|
| Co-managers: | BB&T Capital Markets and JMP Securities
|
| Announcement date: | Sept. 19
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 25
|
| Stock symbol: | Nasdaq: TCRD
|
| Stock price: | $14.64 at close Sept. 19
|
| Market capitalization: | $280.45 million
|
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