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TriplePoint Venture Growth BDC closes common stock offering

TriplePoint Venture Growth BDC on Jan. 13 closed an underwritten offering of 5 million common shares at a public offering price of $14.08 per share.

Net proceeds from the transaction were approximately $68.0 million, after deducting the underwriting discounts and commissions and estimated offering expenses, according to a filing.

In connection with the offering, the company granted the underwriters an option to buy up to an additional 750,000 common shares.

TriplePoint Venture Growth BDC expects to initially use all of the net proceeds from the offering to repay outstanding debt borrowed under its credit facility. However, through reborrowing of the initial repayments under the credit facility, the company plans to use the funds to make investments, to pay its operating expenses and other cash obligations, and for general corporate purposes.

Wells Fargo Securities, Morgan Stanley, Goldman Sachs & Co. LLC, J.P. Morgan and Keefe Bruyette & Woods were joint book-running managers for the offering. Compass Point, Deutsche Bank Securities, Janney Montgomery Scott, JMP Securities, Ladenburg Thalmann and Nomura Securities International Inc. were co-managers.