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TCP Capital Floats New Stock Issue

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TCP Capital (NASDAQ: TCPC  ) has opened its coffers for a pile of new capital. The company announced it is floating 4.5 million shares of its common stock in an underwritten public offering. That stock will hit the market at $15.63 per share, which should bring in gross proceeds of a little more than $70 million. Additionally, its underwriters have been granted a 30-day purchase option for up to an additional 15% of the number of sold shares in order to cover over-allotments, if any.

TCP Capital said it plans to use the proceeds of the issue to retire debt drawn under a $116 million revolving credit facility.

The joint book-running managers of the offering are Deutsche Bank's Securities unit, Stifel unit Keefe, Bruyette & Woods, and Raymond James' (NYSE: RJF  ) near-eponymous Raymond James & Associates division.

TCP Capital anticipates that the offering will close on or about May 24.

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Eric Volkman

Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. A native New Yorker, he currently lives in Los Angeles.

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Related Tickers

3/27/2015 3:59 PM
TCPC $16.08 Up +0.12 +0.75%
TCP Capital Corp. CAPS Rating: *****