Triangle Capital Corporation Announces Closing of Public Offering of Common Stock
March 03 2017 - 9:23AM
Triangle Capital Corporation (NYSE:TCAP)
(“Triangle” or the "Company") today announced that it closed an
underwritten public offering of 7,000,000 shares of common stock.
Net proceeds from the offering, after deducting underwriting
discounts and estimated offering expenses payable by the Company,
were approximately $132 million. The Company intends to use the net
proceeds of this public offering to make additional investments in
lower middle market companies in accordance with its investment
objective and strategies, and for working capital and general
corporate purposes. The underwriters have been granted an option,
exercisable for 30 days, to purchase up to 1,050,000 additional
shares of common stock to cover overallotments, if any.
Morgan Stanley & Co. LLC, BofA Merrill Lynch,
Keefe, Bruyette & Woods, A Stifel Company, Wells Fargo
Securities, LLC and Robert W. Baird & Co. Incorporated acted as
joint bookrunning managers of this offering. Janney Montgomery
Scott LLC, BB&T Capital Markets, a division of BB&T
Securities, LLC and JMP Securities LLC acted as lead managers, and
J.J.B. Hilliard, W.L. Lyons, LLC, Wunderlich Securities, Inc. and
Fifth Third Securities, Inc. acted as co-managers for this
offering.
The shares of common stock were sold pursuant to a
registration statement that has been filed with and declared
effective by the Securities and Exchange Commission. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy the shares referred to in this press release.
About Triangle Capital
Corporation
Triangle Capital Corporation (www.TCAP.com) invests
capital in established companies in the lower middle market to fund
growth, changes of control and other corporate events.
Triangle offers a wide variety of investment structures with a
primary focus on mezzanine financing with equity components.
Triangle’s investment objective is to seek attractive returns by
generating current income from debt investments and capital
appreciation from equity related investments. Triangle’s
investment philosophy is to partner with business owners,
management teams and financial sponsors to provide flexible
financing solutions. Triangle typically invests $5.0 million
- $50.0 million per transaction in companies with annual revenues
between $20.0 million and $300.0 million and EBITDA between $5.0
million and $75.0 million.
Triangle has elected to be treated as a business
development company under the Investment Company Act of 1940 (“1940
Act”). Triangle is required to comply with a series of
regulatory requirements under the 1940 Act as well as applicable
NYSE, federal and state laws and regulations. Triangle has
elected to be treated as a regulated investment company under the
Internal Revenue Code of 1986. Failure to comply with any of
the laws and regulations that apply to Triangle could have a
material adverse effect on Triangle and its stockholders.
Forward-Looking Statements
This press release may contain forward-looking
statements regarding the plans and objectives of management for
future operations. Any such forward-looking statements may involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements to be
materially different from future results, performance or
achievements expressed or implied by any forward-looking
statements. Forward-looking statements, which involve assumptions
and describe our future plans, strategies and expectations, are
generally identifiable by use of the words "may," "will," "should,"
"expect," "anticipate," "estimate," "believe," "intend," "target,"
"goals," "plan," "forecast," "project," other variations on these
words or comparable terminology, or the negative of these words.
These forward-looking statements are based on assumptions that may
be incorrect, and we cannot assure you that the projections
included in these forward-looking statements will come to pass. Our
actual results could differ materially from those expressed or
implied by the forward-looking statements as a result of various
factors, including the factors discussed in our annual reports on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K and other documents or reports that we in the future may file
with the Securities and Exchange Commission (the "SEC").
Copies of any reports or documents we file with
the SEC are publicly available on the SEC's website at
www.sec.gov, and stockholders may receive a hard copy of our
completed audited financial statements free of charge upon request
to the Company at 3700 Glenwood Avenue, Suite
530, Raleigh, NC 27612.
We have based any forward-looking statements
included in this press release on information available to us on
the date of this press release, and we assume no obligation to
update any such forward-looking statements, unless we are required
to do so by applicable law. However, you are advised to consult any
additional disclosures that we may make directly to you or through
reports that we in the future may file with the SEC, including
subsequent annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K.
Contacts
E. Ashton Poole
President and Chief Executive Officer
919-747-8618
apoole@tcap.com
Steven C. Lilly
Chief Financial Officer
919-719-4789
slilly@tcap.com
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