By Wendy Van Sickle
Columbus, Ohio, Nov. 19 – WhiteHorse Finance, Inc. priced $75 million of 4% notes due 2026 (Egan-Jones: BBB+) on Friday, according to a press release and an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.997 to yield 4%, or 280.5 basis points over Treasuries.
The notes may be redeemed with a make-whole premium of Treasuries plus 50 bps until three months before the maturity date, when they will be redeemable at par.
The occurrence of a change-of-control repurchase event would mean the company has to offer to repurchase the notes at par.
Raymond James & Associates, Inc. is the bookrunner.
American Stock Transfer & Trust Co., LLC is the trustee.
Dechert LLP is advising the issuer. Proskauer Rose LLP is working as counsel for the underwriters.
Proceeds will be used to repay debt, including $35 million of 6½% notes due 2025.
The notes are not expected to be listed on any exchange.
WhiteHorse is a Miami-based business development company that originates and invests in loans to privately held small-cap companies.
| Issuer: | WhiteHorse Finance, Inc.
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| Amount: | $75 million
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| Issue: | Notes
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| Maturity: | Dec. 15, 2026
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| Bookrunner: | Raymond James & Associates, Inc.
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| Co-managers: | B. Riley Securities, Inc., Deutsche Bank Securities Inc., Hovde Group, LLC, Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc.
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| Trustee: | American Stock Transfer & Trust Co., LLC
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| Counsel to issuer: | Dechert LLP
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| Counsel to bookrunners: | Proskauer Rose LLP
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| Coupon: | 4%
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| Price: | 99.997
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| Yield: | 4%
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| Spread: | 280.5 bps over Treasuries
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| Call: | Make-whole call calculated with Treasuries plus 50 bps premium until Sept. 15, 2026, when the notes become callable at par
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| Put option: | At par following a change-of-control repurchase event
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| Pricing date: | Nov. 19
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| Settlement date: | Nov. 24
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| Rating: | Egan-Jones: BBB+
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| Distribution: | SEC registered
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| Cusip: | 96524VAB2
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