Medley Capital’s 6.5% $25-par notes due 2021 admitted to NYSE

By Stephanie N. Rotondo

Seattle, Dec. 23 – Medley Capital Corp.’s $70 million of 6.5% $25-par notes due Jan. 30, 2021 began trading on the New York Stock Exchange on Wednesday.

The ticker symbol is “MCX.” The deal priced Dec. 15.

The notes came at a discounted price of $24.7325, indicating a 6.75% yield, according to a trader.

Keefe Bruyette & Woods Inc., Deutsche Bank Securities Inc., Sandler O’Neill & Partners LP and Janney Montgomery Scott LLC are the joint bookrunners. Wunderlich Securities Inc., Boenning & Scattergood Inc., KeyBanc Capital Markets Inc. and JonesTrading Institutional Services LLC are co-managers.

Interest will be payable quarterly. The notes become redeemable on or after Jan. 30, 2019.

Holders can also require the company to redeem the issue upon a change of control.

Proceeds will be used to redeem $40 million of unsecured notes due March 30, 2019, to repay a portion of debt under a revolving credit facility, to fund new investment opportunities and for general corporate purposes.

Medley Capital is a New York-based business development company.

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