logo
Share SHARE
FONT-SIZE Plus   Neg

TCP Prices IPO For Proceeds Of $85 Mln.

TCP Capital Corp. (TCPC: Quote) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Gas explosion in Fresno in California injured 11 people on Friday afternoon. Pacific Gas and Electric Co. (PG&E) said workers who are not affiliated with the company have struck a 12-inch natural gas transmission pipeline and the gas leaked was ignited due to the dig-in. Verizon Communications' FiOS TV service has modified its programming bundles and will now offer new packages so that users can subscribe only for channels they prefer to watch. Instagram, the photo sharing app owned by Facebook, has updated its community guidelines to disallow nudity and harassment in uploaded photos and pictures, as well as cyber bullying.
comments powered by Disqus
Follow RTT