Stellus Capital Investment Corp. plans to offer 3 million common shares in a public offering.

The underwriters have been granted an option to buy up to an additional 450,000 common shares. Based on an April 4 closing share price of $14.39 and assuming full exercise of the underwriters' option, S&P Global Market Intelligence calculates a gross offering size of about $49.6 million.

Stellus Capital plans to use the net proceeds to capitalize its small-business investment company unit and/or to pay back part of the amount outstanding under its credit facility; for general corporate purposes, which could include investing in debt or equity securities; and for other purposes, including working capital requirements.

Raymond James & Associates Inc. and Keefe Bruyette & Woods Inc. are acting as joint book-running managers for the offering.