Morgan Stanley, Wells Fargo, Citigroup, Deutsche Bank, JPMorgan assist
By Devika Patel
Knoxville, Tenn., Sept. 8 – Solar Senior Capital Ltd. said it priced a $67.04 million public sale of stock with a $10.06 million greenshoe. The deal was announced Wednesday.
The company will sell 4 million common shares at $16.76 per share. The price per share is a 0.77% discount to the Sept. 7 closing share price of $16.89.
Morgan Stanley & Co. Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC are the bookrunning managers. Keefe, Bruyette & Woods is a lead manager.
The company’s investment adviser, Solar Capital Partners, has agreed to bear all of the sales load payable to the underwriters in this offering.
Settlement is expected Sept. 13.
Proceeds will be used to pay down debt under the company’s revolving credit facility and for general corporate purposes, including working capital requirements. Through reborrowing under the revolver, the company plans to make investments in debt and equity securities consistent with its investment objective.
Based in New York, Solar Senior invests primarily in leveraged, middle-market companies in the form of senior secured loans, including first-lien, unitranche and second-lien debt instruments.
| Issuer: | Solar Senior Capital Ltd.
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| Issue: | Common stock
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| Amount: | $67.04 million
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| Greenshoe: | $10,056,000, or 600,000 shares
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| Shares: | 4 million
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| Price: | $16.76
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| Warrants: | No
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| Bookrunners: | Morgan Stanley & Co. Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. and J.P. Morgan Securities LLC
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| Lead manager: | Keefe, Bruyette & Woods
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| Co-managers: | B. Riley & Co., LLC, Ladenburg Thalmann & Co. Inc., Maxim Group LLC and Oppenheimer & Co. Inc.
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| Announcement date: | Sept. 7
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 13
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| Stock symbol: | Nasdaq: SUNS
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| Stock price: | $16.89 at close Sept. 7
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| Market capitalization: | $186.72 million
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