By Wendy Van Sickle
Columbus, Ohio, May 18 – First Eagle Alternative Capital BDC, Inc. priced $60 million of 5% $25-par notes due May 25, 2026 (Egan-Jones: BBB-) at par on Tuesday, according to a news release and an FWP filing with the Securities and Exchange Commission.
There is a $9 million greenshoe.
The notes are initially non-callable and feature a par call on or after May 25, 2023.
Keefe, Bruyette & Woods, Inc. is the bookrunner.
Proceeds will be used to repay debt, including the redemption of $60 million of the company’s 6¾% notes due Dec. 30, 2022, and the repayment of a portion of the $66.2 million of debt outstanding under its revolver.
First Eagle, formerly known as THL Credit, is a Boston-based business development company.
| Issuer: | First Eagle Alternative Capital BDC, Inc.
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| Issue: | $25-par senior notes
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| Amount: | $60 million
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| Greenshoe: | $9 million
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| Maturity: | May 25, 2026
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| Bookrunner: | Keefe, Bruyette & Woods, Inc.
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| Co-managers: | Oppenheimer& Co. Inc. and ING Financial Markets LLC
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Call: | Non-callable until May 25, 2023, then callable at par
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| Pricing date: | May 18
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| Settlement date: | May 25
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| Rating: | Egan-Jones: BBB-
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| Expected listing: | NYSE: FCRX
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