Runway Growth Finance plans to sell $25-par notes due 2027

By Marisa Wong

Los Angeles, July 21 – Runway Growth Finance Corp. plans to price $25-par notes due 2027, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be callable in whole or in part beginning in 2024.

The offering will include a 30-day greenshoe.

Oppenheimer & Co. Inc., B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are the joint bookrunners.

Compass Point Research & Trading, LLC and Hovde Group, LLC are acting as co-managers.

U.S. Bank Trust Co., NA is the trustee.

Eversheds Sutherland (US) LLP will act as counsel for the issuer. Eversheds Sutherland (US) LLP will represent Runway Growth Capital LLC, the company’s investment adviser.

Proceeds will be used to repay outstanding debt under the company’s credit agreement with KeyBank NA. As of July 15, the company had $163 million of debt outstanding under the credit facility, which matures on April 20, 2026.

The company intends to list the notes on the Nasdaq Global Select Market under the symbol “RWAYL.”

Runway is a specialty finance company focused on providing senior secured loans to high-growth-potential companies in technology, life sciences, health care information and services, business services, select consumer services and products and other high-growth industries. The closed-end management investment company is based in Chicago.

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