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Investcorp Credit Management BDC offers additional notes due 2023

Investcorp Credit Management BDC Inc., formerly CM Finance Inc., is offering additional 6.125% notes due 2023 in an underwritten public offering.

The company plans to grant the underwriters a 30-day option to purchase additional notes representing 15% of the offered amount to cover overallotments.

The notes constitute a further issuance of, rank equally in right of payment with, and form a single series with the $34.5 million aggregate principal amount of 6.125% notes due 2023 that the company initially issued on July 2, 2018, and July 12, 2018.

The existing notes currently trade on the Nasdaq Global Select Market under the symbol CMFNL. The additional notes are expected to be listed under the same trading symbol.

Investcorp Credit Management BDC intends to use a portion of the net proceeds from the offering to repay outstanding debt under its existing senior secured revolving financing facility with UBS AG London Branch. However, the company may re-borrow under the revolving financing and use such borrowings to invest in middle-market companies and for working capital and general corporate purposes. As of Oct. 11, there were $19.0 million in borrowings outstanding under the revolving financing, which generally bears interest at a rate per annum equal to one-month London interbank offered rate plus 3.15%, according to a news release.

Any remaining net proceeds will be used to fund investments in middle-market companies and for other general corporate purposes.

Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC and BB&T Capital Markets are acting as book-running managers for the offering.

As of Oct. 15, Investcorp Credit Management BDC estimates that the range of its net investment income per share was between 20 cents and 25 cents for the three months ended Sept. 30. The company estimates that the range of its net asset value per share as of Sept. 30 was between $10.17 and $10.26, according to a Form 8-K filing.