TICC Capital Corp. Prices Public Offering of $57.5 Million 6.50% Notes Due 2024
(firmenpresse) - GREENWICH, CT -- (Marketwired) -- 04/04/17 -- TICC Capital Corp. (NASDAQ: TICC) (the "Company") today announced that it has priced an underwritten public offering of $57.5 million in aggregate principal amount of 6.50% unsecured notes due 2024. The notes will mature on March 30, 2024, and may be redeemed in whole or in part at any time or from time to time at the Company's option on or after March 30, 2020. The notes will bear interest at a rate of 6.50% per year payable quarterly on March 30, June 30, September 30, and December 30 of each year, commencing June 30, 2017.
The offering is expected to close on April 12, 2017, subject to customary closing conditions. The Company has granted the underwriters an option to purchase up to an additional $8.625 million in aggregate principal amount of notes. The notes are expected to be listed on the NASDAQ Global Select Market and to trade thereon within 30 days of the original issue date under the trading symbol "TICCL."
The Company expects to use the net proceeds from this offering to repay or repurchase a portion of the outstanding indebtedness under its 7.50% convertible notes due 2017, which currently amounts to approximately $94.5 million plus accrued interest.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), BB&T Capital Markets, a division of BB&T Securities, LLC, Compass Point and William Blair are acting as joint book-running managers. BTIG, LLC, Maxim Group LLC, and National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NASDAQ: NHLD), are acting as lead managers.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of these securities or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
TICC Capital Corp. is a publicly-traded business development company principally engaged in providing capital to established businesses, investing in syndicated bank loans and purchasing debt and equity tranches of collateralized loan obligation vehicles.
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions, including statements with regard to the Company's securities offering and the anticipated use of the net proceeds of the offering. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.
Contact:
Bruce Rubin
203-983-5280
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Datum: 04.04.2017 - 21:28 Uhr
Sprache: Deutsch
News-ID 534482
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GREENWICH, CT
Kategorie:
Commercial & Investment Banking
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