Medley greenshoe lifts 7.25% $25-par notes due 2024 to $34.5 million

By Susanna Moon

Chicago, Jan. 18 – Medley LLC underwriters fully exercised the $4.5 million over-allotment option on its 7.25% $25-par seven-year notes.

The greenshoe exercise brings the total deal size to $34.5 million, according to a company update on Wednesday.

As previously reported, Medley priced $30 million of 7.25% $25-par seven-year notes at par on Jan. 13. The deal was upsized from $25 million, and the greenshoe increased from $3.75 million.

FBR Capital Markets, Incapital, BB&T Capital Markets, Compass Point, Ladenburg Thalmann & Co. Inc., William Blair and JonesTrading are the joint bookrunners.

Interest is payable on a quarterly basis. The notes become redeemable on or after Jan. 30, 2020 at par plus accrued interest.

Proceeds will be used to repay a portion of outstanding amounts under a senior secured term loan facility with Credit Suisse AG, Cayman Islands Branch.

Medley is a New York-based externally managed, non-diversified closed-end management investment company.

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