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' near-eponymous Raymond James & Associates division.

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