New York, Feb. 16 – Medley Management Inc. said its operating company Medley LLC priced an upsized $30 million add on to its 7.25% notes due 2024 at a price of $25.25 per $25 principal amount, according to a news release.
The size was increased from a planned $25 million.
The price was slightly higher than talk for a price of $25.20.
FBR Capital Markets & Co., Incapital LLC, BB&T Capital Markets, William Blair & Co., Compass Point Research & Trading LLC, Ladenburg Thalman & Co. Inc. and JonesTrading are the joint bookrunners.
There is a greenshoe for an additional $4.5 million of notes.
Proceeds will be used to repay part of the borrowings under Medley LLC’s term loan and for general corporate purposes.
Following closing, Medley will have $64.5 million of the notes outstanding.
Medley is a credit-focused asset management firm based in New York.
| Issuer: | Medley LLC
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| Issue: | Notes
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| Amount: | $30 million
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| Greenshoe: | $4.5 million
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| Maturity: | Jan. 30, 2024
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| Coupon: | 7.25%, payable quarterly
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| Price: | $25.25 per $25.00 principal amount
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| Pricing date: | Feb. 16
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| Bookrunners: | FBR Capital Markets & Co., Incapital LLC, BB&T Capital Markets, William Blair & Co., Compass Point Research & Trading LLC, Ladenburg Thalman & Co. Inc. and JonesTrading
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| Co-managers: | Boenning & Scattergood, Inc., National Securities Corp., Maxim Group LLC and Wedbush Securities Inc.
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| Amount outstanding: | $64.5 million
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| Symbol: | NYSE: MDLQ
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