By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Runway Growth Finance Corp. priced a $45 million offering of 8% $25-par notes due 2027 (Egan-Jones: BBB+) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes will be callable in whole or in part beginning on Dec. 31, 2024.
The offering includes a 30-day greenshoe for an additional $6.75 million.
Oppenheimer & Co. Inc., UBS Securities LLC, B. Riley Securities, Inc. and Ladenburg Thalmann & Co. Inc. are the joint bookrunners.
Proceeds will be used to repay outstanding debt under the company’s credit agreement with KeyBank NA. As of Nov. 28, the company had $365 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 “RWAYZ.”
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.
Issuer: | Runway Growth Finance Corp.
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Amount: | $45 million
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Greenshoe: | $6.75 million
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Issue: | Notes
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Maturity: | Dec. 31, 2027
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Bookrunners: | Oppenheimer & Co. Inc., UBS Securities LLC, B. Riley Securities, Inc. and Ladenburg Thalmann & Co. Inc.
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Co-managers: | Compass Point Research & Trading, LLC, Janney Montgomery Scott LLC and Hovde Group, LLC
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Trustee: | U.S. Bank Trust Co., NA
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Counsel to issuer: | Dechert LLP
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Counsel to underwriters: | Eversheds Sutherland (US) LLP
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Coupon: | 8%
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Price: | Par of $25
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Call features: | In whole or in part starting Dec. 31, 2024
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Trade date: | Nov. 30
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Settlement date: | Dec. 7
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Rating: | Egan-Jones: BBB+
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Listing: | Nasdaq: RWAYZ
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Cusip: | 78163D308
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