Medley Management Inc. (“Medley”) (NYSE:MDLY), a credit-focused
asset management firm, today announced that Medley LLC, its
operating company, has closed its public offering of $34,500,000 in
aggregate principal amount of its 7.25% notes due 2024, which
includes the exercise in full of the underwriters’ option to
purchase additional notes, at a public offering price of 100% of
the principal amount. The notes mature on January 30, 2024.
Interest will be payable quarterly. 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, Ladenburg
Thalmann & Co. Inc., William Blair & Company, L.L.C.,
Compass Point Research & Trading, LLC and JonesTrading
Institutional Services LLC acted as joint book-running managers.
Boenning & Scattergood, Inc., Maxim Group LLC, National
Securities Corporation and Wedbush Securities Inc. 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 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 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 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 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 symbols
(NYSE:MDLX) and (NYSE:MDLQ). 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 Anderson212-759-0777Head of
Capital Markets & Risk ManagementMedley Management Inc.Medley
LLC
Media Contact:Liz Bruce212-498-9197 Fitzroy Communications
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