Medley Management Inc. (“Medley”) (NYSE:MDLY), a credit-focused
asset management firm, today announced that Medley LLC, its
operating company, has priced the public offering of an additional
$30,000,000 in aggregate principal amount of 7.25% notes due 2024
at a public offering price of $25.25 for each $25.00 principal
amount of notes, for aggregate proceeds of $30,300,000. 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 January 18, 2017 to,
but not including, the date of delivery. 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. Following the closing of the
offering of the additional notes, the aggregate principal amount
outstanding of the 7.25% notes due 2024 will be $64,500,000,
exclusive of the underwriters' over-allotment option.
The notes are listed on the New York Stock exchange under the
trading symbol “MDLQ”. FBR Capital Markets & Co., Incapital
LLC, William Blair & Company, Compass Point Research &
Trading, LLC, Ladenburg Thalmann & Co. Inc., and JonesTrading
Institutional Services LLC are acting as joint book-running
managers. Boenning & Scattergood, Inc., National
Securities Corporation, Maxim Group LLC 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 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 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 JonesTrading Institutional Services
LLC, 757 3rd Avenue, 23rd Floor, 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 National Securities
Corporation, Attention: Marguerite Rogers, 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 syndicate@maximgrp.com; 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 15 years, we
have provided capital to over 350 companies across 35 industries
in North America. For additional information, please visit
Medley Management Inc. at www.mdly.com.
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 AndersonHead of Capital
Markets & Risk Management212-759-0777Medley Management
Inc.Medley LLC
Media Contact:Liz Bruce212-498-9197 Fitzroy Communications
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