TCP Capital ( TCPC ) priced $125 million in aggregate principal amount of 4.125% notes due 2022.
The closing of the deal is subject to customary closing conditions and the notes are expected to be delivered and paid for on Aug. 11.
The notes bear interest at a rate of 4.125% per year, payable semiannually and will mature on August 11, 2022 and may be redeemed in whole or in part at the company's option at any time at par plus a "make whole" premium, if applicable.
The notes will be direct unsecured obligations of the company and rank equally in right of payment with all outstanding and future unsecured senior indebtedness issued by the company.
The notes will be structurally subordinated to the debt of any of the company's subsidiaries and effectively subordinated to all of the company's outstanding and future secured indebtedness.
The company will use the net proceeds to repay amounts outstanding under one of its credit facilities.
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