THL Credit Announces Public Offering of Notes due 2023
October 02 2018 - 4:12PM
THL Credit, Inc. (NASDAQ: TCRD) (“THL Credit”) today announced that
it priced a public offering of $50.0 million aggregate principal
amount of Notes due 2023 (the “Notes”) on October 2, 2018.
The Notes will mature on October 30, 2023, and may be redeemed in
whole or in part at any time or from time to time at THL Credit’s
option on or after October 30, 2021. The Notes will bear
interest at a rate of 6.125% per year payable quarterly on March
30, June 30, September 30 and December 30 of each year, beginning
December 30, 2018. THL Credit also granted the
underwriters a 30-day option to purchase up to an additional $7.5
million in aggregate principal amount of Notes to cover
overallotments, if any. THL Credit expects to list the Notes on the
New York Stock Exchange under the trading symbol
“TCRW.” Keefe, Bruyette & Woods, A Stifel Company is
acting as book-running manager for this offering. Janney Montgomery
Scott, B. Riley FBR, BB&T Capital Markets, D.A. Davidson &
Co., Ladenburg Thalmann & Co. Inc. and William Blair are acting
as co-lead managers for this offering.
The closing of the transaction is subject to
customary closing conditions and the Notes are expected to be
delivered on or about October 5, 2018.
THL Credit intends to use the net proceeds from
this offering, together with other available funds, to repay
certain of its indebtedness, including the redemption of its
outstanding 6.75% Notes due 2021 and/or the repayment of a portion
of the outstanding indebtedness under its revolving credit
facility.
Investors are advised to carefully
consider the investment objective, risks, charges and expenses of
THL Credit before investing. The preliminary prospectus
supplement dated October 2, 2018 and the accompanying prospectus
dated June 5, 2018, each of which have been filed with the
Securities and Exchange Commission, contain this and other
information about THL Credit and should be read carefully before
investing.
The information in the preliminary
prospectus supplement, the accompanying prospectus and this press
release is not complete and may be changed. The preliminary
prospectus supplement, the accompanying prospectus and this press
release are not offers to sell any securities of THL Credit and are
not soliciting an offer to buy such securities in any state where
such offer and sale is not permitted.
The offering may be made only by means
of a preliminary prospectus supplement and an accompanying
prospectus, copies of which may be obtained from: Keefe,
Bruyette & Woods, Inc., 787 Seventh Avenue, 4th Floor, New
York, NY 10019 (telephone number 1-800-966-1559).
ABOUT THL CREDIT
THL Credit is a closed-end investment company that has elected
to be treated as a business development company under the
Investment Company Act of 1940. THL Credit’s investment objective
is to generate both current income and capital appreciation,
primarily through directly originated first lien secured loans,
including unitranche investments. In certain instances, THL Credit
also makes second lien, subordinated, or mezzanine debt
investments, which may include an associated equity component such
as warrants, preferred stock or other similar securities and direct
equity co-investments. THL Credit targets investments primarily in
middle market companies with annual EBITDA generally between $5
million and $25 million that require capital for growth and
acquisitions. THL Credit is headquartered in Boston, with
additional offices in Chicago, Dallas, Los Angeles and New York.
THL Credit’s investment activities are managed by THL Credit
Advisors LLC, an investment adviser registered under the Investment
Advisers Act of 1940.
ABOUT THL CREDIT ADVISORS LLC
THL Credit Advisors LLC (“THL Credit Advisors”)
is an alternative credit investment manager for both direct lending
and broadly syndicated investments through public and private
vehicles, collateralized loan obligations, separately managed
accounts and co-mingled funds. THL Credit Advisors maintains
a variety of advisory and sub-advisory relationships across its
investment platforms, including THL Credit, Inc. (NASDAQ: TCRD), a
publicly traded business development company, and THL Credit Senior
Loan Fund (NYSE: TSLF), a non-diversified, closed-end management
investment company.
FORWARD-LOOKING STATEMENTS
Statements made in this press release may constitute
forward-looking statements. Such statements reflect various
assumptions by THL Credit concerning anticipated results and are
not guarantees of future performance. The accuracy of such
statements involves known and unknown risks, uncertainties and
other factors that, in some ways, are beyond management’s control,
including the factors described in the prospectus supplement and
the accompanying prospectus relating to this offering and in THL
Credit’s other filings with the Securities and Exchange Commission.
THL Credit undertakes no duty to update any forward-looking
statements made herein. All forward-looking statements speak only
as of the date of this press release.
Investor Contact:
THL Credit, Inc. Terry Olson 617-790-6010
Media Contact:
StantonDoug Allen(646) 502-3530dallen@stantonprm.com
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