MidCap Financial to offer notes due 2028 via three bookrunners

By Mary-Katherine Stinson

Lexington, Ky., Dec. 6 – MidCap Financial Investment Corp. will offer a tranche of fixed-rate notes due 2028, according to a 424B2 filed with the Securities and Exchange Commission.

The $25-par notes will mature on Dec. 15, 2028.

The notes can be called at par starting Dec. 15, 2025.

Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the bookrunners.

Apollo Global Securities is the co-manager.

U.S. Bank Trust Co., NA is the trustee.

Simpson Thacher & Bartlett LLP and Miles & Stockbridge P.C. will act as legal counsel for MidCap. Skadden, Arps, Slate, Meagher & Flom LLP is legal counsel for the underwriters.

MidCap intends to use the proceeds to repay debt under its senior secured credit facility with any proceeds not applied to be used for general corporate purposes, which includes investing in portfolio companies.

As of Sept. 30, the company had approximately $963 million outstanding under its senior secured, multi-currency, revolving credit facility, including $61 million related to standby letters of credit issued and outstanding. U.S. dollar borrowings accrue at either term SOFR plus 185 basis points or term SOFR plus 197.5 bps, depending on the type of borrowing and the gross borrowing base at the time.

The company intends to apply to list the notes on the Nasdaq Global Select Market under the symbol “MFICL.”

The Bethesda, Md.-based firm is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management LLC.

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