Full Circle Capital Corp. (FULL) said it has priced its initial public offering of 2.0 million common shares at $9.00 per share, which would result in $18 million of gross proceeds.
Full Circle anticipates to use the net proceeds of this offering to temporarily reduce outstanding indebtedness under its credit facility, to enable it to fund new investments in portfolio companies and for general corporate purposes.
The offering is subject to customary closing conditions and the shares are expected to be delivered on September 7, 2010. Also, the company has granted the underwriters an option to buy up to an additional 300,000 common shares to cover over-allotments, if any.
Immediately prior to the pricing of the offering, Full Circle purchased through a series of transactions a portfolio consisting of around $72.3 million of debt and equity investments from 2 existing private funds, Full Circle Partners, LP and Full Circle Fund, Ltd., which are referred to herein, collectively, as the ''Legacy Funds," in exchange for an aggregate of about 4 million shares of Full Circle common stock and around $3.4 million of senior unsecured notes issued to the current investors in the Legacy Funds.
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