Stellus Capital Investment Corp. priced its underwritten public offering of 2,750,000 common shares at $14.43 per share.
Net proceeds from the offering are expected to be approximately $38.6 million.
The company plans to use the net proceeds to repay a portion of of its credit facility, as well as for general corporate purposes, including investing in debt or equity securities and for working capital purposes.
The company also granted the underwriters a 30-day option to purchase up to an additional 412,500 common shares. Stellus Capital Management LLC, the company's investment adviser, agreed to bear 23.72 cents per share of the underwriting discount in connection with the shares being sold.
Raymond James & Associates Inc., Keefe Bruyette & Woods Inc. and Goldman Sachs & Co. LLC are the joint book-running managers for the offering. Ladenburg Thalmann & Co. Inc., BB&T Capital Markets and Janney Montgomery Scott LLC are acting as co-managers.