TICC Capital Corp. filed a preliminary prospectus for an offering of $50.0 million in aggregate principal amount of notes due 2024.
As of the offering date, the notes will be equal to about $94.5 million principal amount of the company's convertible notes, plus accrued interest. The notes' maturation date and interest have not been set, but interest will be paid March 30, June 30, Sept. 30 and Dec. 30 of each year, beginning June 30, 2017.
The company will be able to redeem the notes in part or in whole at any time, or from time to time, on or after a particular date in 2020, at a redemption price of par plus accrued interest. The notes will be issued in minimum denominations of $25 and integral multiples of $25 in excess, the company said.
TICC Capital said it plans to list the notes on the Nasdaq Global Select Market.
The company is expecting to pay about $237,400 in offering expenses. The offering's underwriters will have the option to buy up to an additional $7.5 million of the notes within 30 days of the prospectus supplement.