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KCAP Financial prices notes offering

KCAP Financial Inc. priced its public offering of $50.0 million in aggregate principal amount of its 6.125% notes due Sept. 30, 2022.

The company may redeem the notes in whole or in part at any time or from time to time on or after Sept. 30, 2019. The notes will bear interest at a rate of 6.125% per year, payable quarterly on March 30, June 30, Sept. 30 and Dec. 30 of each year, starting Sept. 30.

The company granted the underwriters a 30-day option to buy up to an additional $7.5 million in aggregate principal amount of notes to cover overallotments, if any.

The notes are expected to be delivered on or about Aug. 14. The company plans to apply to list the notes on the NASDAQ Global Select Market under the trading symbol KCAPL. If the application is approved, trading in the notes will begin within 30 days from the original issue date.

KCAP Financial intends to use the net proceeds for general corporate purposes, which includes investing in portfolio companies and collateralized loan obligation funds.

Keefe Bruyette & Woods, Janney Montgomery Scott LLC and Ladenburg Thalmann & Co. Inc. are acting as joint book-running managers for the offering. BB&T Capital Markets and Wunderlich Securities Inc. are acting as co-managers.