Breaking News
FONT-SIZE Plus   Neg
Share SHARE

TCP Prices IPO For Proceeds Of $85 Mln.

RELATED NEWS
Trade TCPC now with 

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.

Register
To receive FREE breaking news email alerts for TCP Capital Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame. India's economy grew faster-than-expected in the three months to June and at the strongest pace in two years, preliminary figures from the Central Statistics Office revealed Friday. Gross domestic product grew 5.7 percent in the April to June quarter, which exceeded economists' forecast for 5.5 percent expansion. The economy grew 4.6 percent in the previous three months. Eurozone inflation slowed as expected in August on falling energy prices giving room for the central bank to support demand and economic recovery without stoking inflation and help the region to create more jobs. The unemployment rate remained unchanged at an elevated level in July. Nonetheless, it was at the lowest since September 2012.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.