BlackRock TCP intends to price add-on to 3.9% senior notes due 2024

By Devika Patel

Knoxville, Tenn., Sept. 25 – BlackRock TCP Capital Corp. intends to price an add-on to its 3.9% senior notes (Baa3/BBB-) due Aug. 23, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The company sold $150 million of the 3.9% notes on Aug. 16, 2019 at 98.757 to yield 4.178% and a spread of 275 basis points over Treasuries. There was a $50 million additional sale of the notes that priced on Nov. 19, 2019 and settled on Nov. 26, 2019 at 99.035 to yield 4.125% with a spread of Treasuries plus 250 bps.

The notes feature a make-whole call at the greater of par or Treasuries plus 45 bps.

BofA Securities Inc. is the bookrunner, with Morgan Stanley & Co. LLC, ING Financial Markets LLC and SMBC Nikko Securities America Inc. as co-managers.

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.

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