Medley Management Inc. (“Medley”) (NYSE:MDLY), a credit-focused
asset management firm, today announced that Medley LLC, its
operating company, has priced an offering of $30,000,000 in
aggregate principal amount of 7.25% notes due 2024 at a public
offering price of 100% of the principal amount of notes. The final
offering amount represents an increase in size from the previously
announced amount of $25,000,000. The notes mature on January 30,
2024. Interest will be payable quarterly. Medley LLC
has granted the underwriters a 30-day option to purchase up to an
additional $4,500,000 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
and for general corporate purposes.
The notes are expected to be listed on the New York
Stock Exchange and to trade thereon within 30 days of the original
issue date under the trading symbol “MDLQ”. FBR Capital
Markets & Co., Incapital LLC, BB&T Capital Markets, Compass
Point Research & Trading, LLC, Ladenburg Thalmann & Co.
Inc., William Blair & Company, L.L.C. and JonesTrading
Institutional Services LLC are acting as joint book-running
managers. Boenning & Scattergood, Inc., Maxim Group LLC,
National Securities Corporation and Wedbush Securities Inc. are
acting 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 BB&T Capital Markets,
Attention: Syndicate Dept. at 901 East Byrd Street, 3rd Floor,
Richmond, VA 23219, or by emailing BB&T Capital Markets at
prospectusrequests@bbandtcm.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: Clancey 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 Boenning &
Scattergood, Inc., Attention: Michael Galantino, Managing Director,
200 Barr Harbor Dr. #300, Conshohocken, PA 19428, or by calling
Boenning & Scattergood, Inc. toll-free at (800) 883-1212; 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; or National Securities Corporation,
Attention: Kim E. Addarich, 410 Park Avenue, 14th floor, New York,
NY 10022; or Wedbush Securities Inc., 1000 Wilshire Blvd, Los
Angeles, CA 90017, or by emailing syndicate@wedbush.com, or by
calling (213) 688-8050. 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 85
people, is a premier provider of capital to the middle market in
the U.S. As of December 31, 2016, Medley had in excess of $5.3
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 350 companies across 35 industries
in North America.
Medley LLC, the operating company of Medley
Management Inc., has outstanding bonds which trade on the NYSE
under the symbol (NYSE:MDLX). Medley Capital Corporation (NYSE:MCC)
has outstanding bonds which trade on the NYSE under the symbols
(NYSE:MCQ), (NYSE:MCV), and (NYSE:MCX).
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 AndersonHead
of Capital Markets & Risk Management212-759-0777Medley
Management Inc.Medley LLC
Media Contact:Liz Bruce212-498-9197 Fitzroy
Communications
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