TCP Capital has opened its coffers for a pile of new capital. The company announced it is floating 4.5 million shares of its common stock in an underwritten public offering. That stock will hit the market at $15.63 per share, which should bring in gross proceeds of a little more than $70 million. Additionally, its underwriters have been granted a 30-day purchase option for up to an additional 15% of the number of sold shares in order to cover over-allotments, if any.
TCP Capital said it plans to use the proceeds of the issue to retire debt drawn under a $116 million revolving credit facility.
The joint book-running managers of the offering are Deutsche Bank's Securities unit, Stifel unit Keefe, Bruyette & Woods, and Raymond James' near-eponymous Raymond James & Associates division.
TCP Capital anticipates that the offering will close on or about May 24.
The article TCP Capital Floats New Stock Issue originally appeared on Fool.com.Fool contributor Eric Volkman and The Motley Fool have no position in any stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.