BlackRock Kelso to sell $100 million five-year convertibles talked at 4.625%-5.125%, up 10% to 15%

By Stephanie N. Rotondo

Phoenix, Feb. 12 - BlackRock Kelso Capital Corp. launched a $100 million offering of unsecured convertible notes due Feb. 15, 2018 (Expected ratings: BBB-/BBB-), according to a press release.

There is a $15 million over-allotment option.

The Rule 144A offering is talked with a yield of 4.625% to 5.125% and an initial conversion premium of 10% to 15%.

Pricing is expected on Wednesday.

Citigroup Global Markets Inc. and BMO Capital Markets are the active bookrunners. Passive bookrunners are BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.

The notes are non-callable for life and will not be putable. They are expected to be rated BBB- by Standard & Poor's and Fitch.

Proceeds will be used to repay outstanding borrowings under a credit facility and for general corporate purposes.

BlackRock Kelso (Nasdaq: BKCC) is an externally managed business development company based in New York.

© 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.