Existing stockholders of record March 6 offered 11.95 million shares
By Toni Weeks
San Luis Obispo, Calif., March 13 – Full Circle Capital Corp. said it priced a $41.82 million rights offering at $3.50 per common share.
The company will issue non-transferable rights to subscribe for up to 11,949,034 shares to its stockholders of record as of 5 p.m. ET on March 6. Each subscriber will receive one right for each outstanding common share owned.
The subscription price of $3.50 is a 1.69% discount to the closing share price of $3.56 on March 12.
Stockholders who fully exercise all rights issued to them may subscribe for additional shares, if any, that were not subscribed for by other stockholders.
Investment adviser Full Circle Advisors, LLC said it will commit, either directly or through FCA Investments LLC, a subsidiary of its adviser, to over-subscribe for $5 million of shares.
Proceeds will be used for the origination of new investments in accordance with the company’s investment objective, to enhance liquidity and for working capital and other general corporate purposes.
Ladenburg, Thalmann & Co. Inc. is the dealer manager and will receive a fee of up to 4% of the subscription price per share.
The offering expires at 5 p.m. ET on March 30.
The Rye Brook, N.Y., closed-end investment company lends to and invests in senior secured loans and, to a lesser extent, mezzanine loans and equity securities issued by lower-middle-market companies.
| Issuer: | Full Circle Capital Corp.
|
| Issue: | Rights for common shares
|
| Amount: | $41,821,619
|
| Shares: | 11,949,034
|
| Price: | $3.50
|
| Warrants: | No
|
| Dealer manager: | Ladenburg, Thalmann & Co. Inc.
|
| Announcement date: | Feb. 23
|
| Pricing date: | March 13
|
| Expiration date: | March 30
|
| Stock symbol: | Nasdaq Global Market: FULL
|
| Stock price: | $3.56 at close March 12
|
| Market capitalization: | $42.66 million
|
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