By Stephanie N. Rotondo
Seattle, Aug. 9 – KCAP Financial Inc. sold $50 million of 6.125% $25-par notes due 2022, the company said in a press release.
Keefe Bruyette & Woods Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are the joint bookrunners.
There is a $7.5 million over-allotment option.
Interest is payable quarterly.
The notes become redeemable on Sept. 30, 2019 at par plus accrued interest.
The company plans to list the new securities on the Nasdaq Global Select Market under the ticker symbol “KCAPL.”
Proceeds will be used for general corporate purposes, which includes investing in portfolio companies and CLO funds in accordance with investment objectives and strategies.
KCAP is a New York-based internally managed business development company.
| Issuer: | KCAP Financial Inc.
|
| Securities: | Notes
|
| Amount: | $50 million
|
| Greenshoe: | $7.5 million
|
| Maturity: | Sept. 30, 2022
|
| Bookrunners: | Keefe Bruyette & Woods Inc., Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc.
|
| Co-managers: | BB&T Capital Markets and Wunderlich Securities Inc.
|
| Coupon: | 6.125%
|
| Price: | Par of $25
|
| Yield: | 6.125%
|
| Call options: | On or after Sept. 30, 2019 at par plus accrued interest
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 14
|
| Expected listing: | Nasdaq: KCAPL
|
| Cusip: | 48668E309
|
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