Medley Management Inc.'s operating company, Medley LLC, has closed a public offering of $34.5 million of 7.25% notes due Jan. 30, 2024.
The underwriters fully exercised their option to purchase additional notes at a public offering price of 100% of the principal amount.
Medley plans to use the offering's net proceeds to repay a portion of the outstanding debt under its syndicated term loan and for general corporate purposes.
The notes are expected to be listed on the New York Stock Exchange and to trade within 30 days of the original issue date.
FBR Capital Markets & Co., Incapital LLC, BB&T Capital Markets, Ladenburg Thalmann & Co. Inc., William Blair & Co. LLC, Compass Point Research & Trading LLC and JonesTrading Institutional Services LLC acted as joint book-running managers for the offering. Boenning & Scattergood Inc., Maxim Group LLC, National Securities Corp. and Wedbush Securities Inc. were co-managers.