GSV Capital Corp. announced the pricing of an offering of $40.0 million of 4.75% convertible senior notes due 2023.
The company has granted the underwriters a 30-day option to purchase up to an additional $6.0 million of notes.
The offering is expected to close March 28.
The notes will be convertible into shares of GSV Capital's common stock based on an initial conversion rate of 93.2836 shares per $1,000 principal amount of the notes. This represents an initial conversion price of approximately $10.72 per share. The notes will be convertible at any time prior to the close of business on the business day immediately preceding March 28, 2023.
The notes will mature on March 28, 2023, unless earlier repurchased or converted. Interest on the notes will be payable semiannually in arrears on March 31 and Sept. 30 of each year, starting on Sept. 30. The notes will be general, unsecured senior obligations of GSV Capital.
The company plans to use all of the net proceeds from the offering to repurchase, or pay at maturity, a portion of its outstanding 5.25% convertible senior notes, which mature Sept. 15.
BTIG is acting as the sole manager for the offering.