TICC Capital Corp. (TICC) announced the pricing of $100 million in aggregate principal amount of unsecured 7.5% Senior Convertible Notes Due 2017.
The company said it has also granted the initial purchasers of the Notes an option to purchase up to an additional $15 million in aggregate principal amount of the Notes. The closing of the offering is subject to customary closing conditions and is expected to take place on September 26, 2012.
The Notes will be convertible into shares of the Company's common stock based on an initial conversion rate of 87.2448 shares of the Company's common stock per $1,000 principal amount of Notes, which is equivalent to an initial conversion price of approximately $11.46 per share of common stock, representing a 10.0% conversion premium over the last reported sale price of the Company's common stock on September 20, 2012, which was $10.42 per share. The conversion price for the Notes will be reduced for quarterly cash dividends paid to common shares at more than $0.29 per share, subject to adjustment.
Interest on the Notes will be payable semiannually in arrears on May 1 and November 1 of each year, beginning May 1, 2013. The Notes will mature on November 1, 2017, unless previously converted in accordance with their terms. The Notes will be general unsecured obligations of the company, will rank equally in right of payment with the Company's future senior unsecured debt, and will rank senior in right of payment to any potential subordinated debt, should any be issued in the future.
The company noted that it intends to use the net proceeds from the sale of the Notes for general corporate purposes, which may include investments in corporate debt and equity securities and investments in structured finance vehicles.
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