By Cristal Cody
Tupelo, Miss., Sept. 25 – BlackRock TCP Capital Corp. priced a $50 million reopening on Friday of its 3.9% senior notes due Aug. 23, 2024 (Baa3//BBB-) at 99.251 to yield 4.109%, or a spread of 385.1 basis points over Treasuries, according to a news release and an FWP filing with the Securities and Exchange Commission.
BofA Securities, Inc. was the bookrunner.
The issue originally priced in a $150 million offering on Aug. 16, 2019 at 98.757 to yield 4.178% and a spread of 275 bps over Treasuries. There was a $50 million additional sale of the notes on Nov. 19, 2019 at 99.035 to yield 4.125% with a spread of Treasuries plus 250 bps.
The total outstanding is now $250 million.
The Santa Monica, Calif., specialty finance company intends to use the proceeds to repay debt under its SVCP credit facility and TCPC funding II facility and for other general corporate purposes.
| Issuer: | BlackRock TCP Capital Corp.
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| Amount: | $50 million reopening
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| Description: | Senior notes
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| Maturity: | Aug. 23, 2024
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| Bookrunner: | BofA Securities, Inc.
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| Co-managers: | Morgan Stanley & Co. LLC, ING Financial Markets LLC and SMBC Nikko Securities America Inc.
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| Coupon: | 3.9%
|
| Price: | 99.251
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| Yield: | 4.109%
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| Spread: | Treasuries plus 385.1 bps
|
| Call features: | Make-whole call equal to greater of par or Treasuries plus 45 bps
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| Change-of-control put: | Par
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| Trade date: | Sept. 25
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| Settlement date: | Oct. 2
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Total outstanding: | $250 million, including $150 million of notes priced Aug. 16, 2019 at 98.757 to yield 4.178% and a spread of 275 bps over Treasuries and $50 million of notes priced Nov. 19, 2019 at 99.035 to yield 4.125%, or a spread of Treasuries plus 250 bps
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