Medley Management Inc. Closes an Additional $28.6 Million of Medley LLC 6.875% Notes Due 2026
October 18 2016 - 10:33AM
Medley Management Inc. (“Medley”) (NYSE:MDLY), a credit-focused
asset management firm, today announced that Medley LLC, its
operating company, has closed the public offering of an additional
$28,595,000 in aggregate principal amount of its 6.875% notes due
2026 at a public offering price of $24.45 for each $25.00 principal
amount of notes. The final offering amount represents an increase
in size from the previously announced amount of $25,000,000. The
purchase price of the notes includes accrued interest on the notes
from August 9, 2016 to, but not including, the date of delivery.
The notes mature on August 15, 2026. Interest will be payable
quarterly. Medley LLC has granted the underwriters a 30-day
option to purchase up to an additional $4,289,250 in aggregate
principal amount of notes to cover over allotments, if any. Medley
LLC intends to use the net proceeds from the offering to repay a
portion of the outstanding indebtedness under Medley LLC’s
syndicated term loan. The aggregate principal amount of the 6.875%
notes due 2026 will be $53,595,000.
The notes are listed on the New York Stock Exchange under the
trading symbol “MDLX“. FBR Capital Markets & Co., Incapital
LLC, Compass Point Research & Trading, LLC, Ladenburg Thalmann
& Co. Inc., William Blair & Company, L.L.C. and
JonesTrading Institutional Services LLC acted as joint book-running
managers. National Securities Corporation and Maxim Group LLC
acted as co-managers.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sale of, the
notes referred to in this press release in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of such state or jurisdiction.
This offering is being made solely by means of a written
prospectus, which may be obtained from any of the following
investment banks: FBR Capital Markets & Co., Attention:
Syndicate Prospectus Department, 1300 North 17th Street, Suite
1400, Arlington, VA 22209 or by calling FBR Capital Markets &
Co. at (703) 312-9726 or by emailing FBR Capital Markets & Co.
at prospectuses@fbr.com; or Incapital LLC, Attention: Capital
Markets, 1800 North Military Trail, Suite 400, Boca Raton, FL 33431
or by emailing Incapital LLC at prospectus_requests@incapital.com;
or Compass Point Research & Trading, LLC, 1055 Thomas Jefferson
Street, NW, Suite 303, Washington, DC 20007 or by emailing Compass
Point Research & Trading, LLC at syndicate@compasspointllc.com;
or Ladenburg Thalmann & Co. Inc., 570 Lexington Avenue, 11th
Floor, New York, NY 10022, or by emailing Ladenburg Thalmann &
Co. Inc. at prospectus@ladenburg.com or William Blair &
Company, L.L.C., Attention: Clancy Burson, 222 W Adams, 29th floor,
Chicago, IL 60606; or JonesTrading Institutional Services LLC, 780
3rd Avenue, New York, NY 10017 or by calling JonesTrading
Institutional Services LLC toll-free at (800) 423-5933; or National
Securities Corporation, Attention: Kim E. Addarich, 410 Park
Avenue, 14th floor, New York, NY 10022; or Maxim Group LLC,
Attention: Eileen Citarrella, 405 Lexington Avenue, 2nd Floor, New
York, NY 10174 or by emailing Maxim Group LLC at
syndicates@maximgrp.com. A copy of the prospectus may also be
obtained at no charge at the Securities and Exchange Commission’s
website at www.sec.gov.
ABOUT MEDLEY
Medley is a credit-focused asset management firm offering yield
solutions to retail and institutional investors. Medley's national
direct origination franchise, with over 80 people, is a premier
provider of capital to the middle market in the U.S. Medley has
over $5 billion of assets under management in two
business development companies, Medley Capital
Corporation (NYSE:MCC) and Sierra Income Corporation, as well
as private investment vehicles. Over the past 14 years, we have
provided in excess of $6 billion of capital to over 300
companies across 35 industries in North America.
FORWARD-LOOKING STATEMENTS
Statements included herein may contain “forward-looking
statements”. Statements other than statements of historical
facts included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of assumptions, risks and uncertainties, which
change over time. Actual results may differ materially from those
anticipated in any forward-looking statements as a result of a
number of factors, including those described from time to time in
filings by Medley and Medley LLC with the Securities and Exchange
Commission. Except as required by law, Medley and Medley LLC
undertake no duty to update any forward-looking statement made
herein. All forward-looking statements speak only as of the date of
this press release.
Investor Relations Contact: Sam Anderson212-759-0777Head of
Capital Markets & Risk ManagementMedley Management Inc.Medley
LLC
Media Contact:Liz Bruce212-498-9197 Fitzroy Communications
Medley Management Inc.
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