THL Credit, Inc. (NASDAQ:TCRD) shares are trading higher after the company announced it will buy back $20 million of its common stock.

THL Credit is an externally managed, non-diversified closed-end management investment company. The firm is an alternative credit manager with an objective to generate both current income and capital appreciation, through investments in privately negotiated debt and equity securities of lower middle market companies. It primarily lends money to lower middle market companies that invest in directly-originated first lien and second lien secured loans, including through unitranche investments.

THL Credit shares were trading up 6.51% at $3.11 at the time of publication Wednesday. The stock has a 52-week high of $7.04 and a 52-week low of $1.56.