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Fidus Investment closes note offering


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Fidus Investment closes note offering

Fidus Investment Corp. closed its public offering of $55 million of 5.375% notes due Nov. 1, 2024.

The offering resulted in net proceeds of about $53 million, after deducting underwriting discounts and commissions and estimated offering expenses.

The company intends to use the net proceeds to repay outstanding debt under its existing credit facility with ING Capital LLC. However, the company may reborrow under the credit facility to invest in lower-middle-market companies, and for working capital and general corporate purposes. As of Oct. 9, the company had $62.5 million of outstanding debt under the facility.

The notes are expected to be listed on the Nasdaq Global Select Market under the trading symbol FDUSG within 30 days of Oct. 16.

The company also granted the underwriters an option to buy an additional $8.3 million of notes to cover overallotments, if any, within 30 days of Oct. 10.

Keefe Bruyette & Woods was sole book runner for the offering. BB&T Capital Markets, Janney Montgomery Scott, Ladenburg Thalmann, B. Riley FBR and Oppenheimer & Co. were co-leads for the offering. National Securities Corp. was the co-manager for the offering.