Deal has $12.72 million greenshoe; funds repay credit facility debt
By Devika Patel
Knoxville, Tenn., April 4 - TCP Capital Corp. said it priced its $84.81 million initial public offering of stock with a $12.72 million greenshoe. It expects the shares to trade on the Nasdaq under the symbol "TCPC."
The company will sell 5.75 million common shares at $14.75 per share.
Deutsche Bank Securities Inc. and Stifel, Nicolaus & Co., Inc. are the joint bookrunning managers; Oppenheimer & Co. Inc. is the lead manager.
Settlement is expected April 10.
Proceeds will be used to repay debt under the company's revolving credit facility, to make investments and for other general corporate purposes, including operating expenses.
Santa Monica, Calif.-based TCP is an externally managed specialty finance company. The company's primary investment focus will be originating leveraged loans to middle-market companies.
| Issuer: | TCP Capital Corp.
|
| Issue: | Common stock
|
| Amount: | $84,812,500
|
| Greenshoe: | $12,721,875
|
| Shares: | 5.75 million
|
| Price: | $14.75
|
| Warrants: | No
|
| Bookrunners: | Deutsche Bank Securities Inc. and Stifel, Nicolaus & Co., Inc.
|
| Lead manager: | Oppenheimer & Co. Inc.
|
| Pricing date: | April 4
|
| Settlement date: | April 10
|
| Expected listing: | Nasdaq: TCPC
|
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