Triangle Capital Prices Its 6.25 Million Public Offering at $19.90 A Share

Investors of Triangle Capital Corporation (NYSE: TCAP) dragged down the stock by over four percent on Tuesday after the company announced its 6.25 million public offering at $19.90 a share. According to the company, the issue was fully underwritten and that the underwriters were given an option to acquire a maximum of 937,500 shares.Triangle Capital said that the net proceeds from the public issue would be about $119.6 million after deducting expenses incurred on the public issue. The company indicated that it plans to use the proceeds to make more investments in lower middle market companies in line with its stated investment objectives and tactics. The company also plans to use any remaining portion for its working capital and general corporate purposes.The company expects the public issue to close on July 29. Shares of the company traded 4.19 percent down on Tuesday.