TCP Capital Corp. (TCPC) Wednesday priced its IPO at $14.75 for an aggregate proceeds of about $85 million from its initial public offering. The investment company's stock dropped nearly four percent on the first day of trading, on broad market trends.
TCP Capital priced its IPO of 5.75 million shares at $14.75 per share, to raise $84.8 million. TCP plans to use the proceeds to repay outstanding debt under its credit facility and on investments.
The company has also granted underwriters a 30-day option to buy up to 863 thousand additional shares to cover over-allotments. Deutsche Bank Securities Inc. and Stifel, Nicolaus & Co. Inc are the joint book-running managers, with Oppenheimer & Co. Inc. as lead manager.
The company's stock is listed on the Nasdaq Global Select Market under the symbol TCPC. The shares are expected to be delivered on April 10, 2012.
TCP Capital is a business development company externally managed by Tennenbaum Capital Partners LLC. TCP Capital primarily invests in debt securities of middle-market companies, or enterprise worth between $100 million and $1.5 billion.
Tennenbaum Capital is a investment management firm focused primarily on special situation credit investments, and has invested over $10 billion in over 200 companies.
TCP Capital also declared a second quarter cash dividend of $0.34 per share, payable on June 29 to stockholders as of June 15.
TCPC is currently trading on the Nasdaq at $14.30, down 3.05%, on a volume of 1.3 million shares.
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