TCP Capital Corp. Prices Initial Public Offering; 5.75M Shares at $14.75/Share
TCP Capital Corp. (NASDAQ: TCPC) announced today that it has priced its initial public offering of 5,750,000 shares of common stock at $14.75 per share for total gross proceeds of approximately $84.8 million. The Company has granted the underwriters a 30-day option to purchase up to 862,500 additional shares of its common stock to cover overallotments. The Company's common stock is expected to begin trading today on the NASDAQ Global Select Market under the symbol "TCPC."
TCPC intends to use the net proceeds from this offering to repay amounts outstanding under its revolving credit facility, make investments in accordance with its investment objective and for other general corporate purposes, including payment of operating expenses. The Company's primary investment focus will be investments in and origination of leveraged loans to performing middle-market companies.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.