TICC Capital Corp. has priced an underwritten public offering of $57.5 million in aggregate principal amount of 6.50% unsecured notes due March 30, 2024.
The aggregate principal amount represents an increase from the previously announced amount of $50.0 million.
The notes may be redeemed in whole or in part at any time, or from time to time, on or after March 30, 2020. The notes will bear an annual interest rate of 6.50%, payable quarterly March 30, June 30, Sept. 30, and Dec. 30 each year, beginning June 30.
The offering is expected to close April 12. The company has granted the underwriters an option to purchase up to an additional $8.6 million in aggregate principal amount of notes.
TICC Capital expects the notes to trade within 30 days of the original issue date on the Nasdaq Global Select Market under the trading symbol TICCL.
The company anticipates to use the net proceeds from the offering to repay or repurchase a portion of the outstanding debt under its 7.50% convertible notes due 2017, which currently amounts to about $94.5 million plus accrued interest.
Ladenburg Thalmann & Co. Inc., BB&T Capital Markets, Compass Point and William Blair act as joint book-running managers for the offering. BTIG LLC, Maxim Group LLC and National Securities Corp. serve as lead managers.