TriplePoint Venture Growth BDC priced an underwritten public offering of 5 million common shares, resulting in net proceeds to the company of nearly $68.3 million, or $13.65 per share, exclusive of offering expenses.
The company granted the underwriters for the offering 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 are acting as joint book-running managers for the offering. Compass Point, Deutsche Bank Securities, Janney Montgomery Scott, JMP Securities, Ladenburg Thalmann and Nomura Securities International Inc. are acting as co-managers.