Solar Capital Ltd. Prices Public Offering of $75 Million 4.50% Notes Due 2023
November 13 2017 - 6:08PM
Solar Capital Ltd. (NASDAQ:SLRC) (the “Company”) announced today
that it has priced an underwritten public offering of $75 million
in aggregate principal amount of 4.50% notes due 2023 (the
“Notes”). The Notes will mature on January 20, 2023 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.
J.P. Morgan Securities LLC and Wells Fargo
Securities, LLC are acting as joint book-running managers for this
offering. The offering is expected to close on November 22, 2017,
subject to the satisfaction of customary closing conditions.
The Company expects to use the net proceeds from
this offering to pay down outstanding indebtedness under its
revolving credit facility. However, the Company may reborrow under
its revolving credit facility to make investments in debt or equity
securities consistent with its investment objective, to fund
acquisitions and for other general corporate purposes, including
for working capital and/or to redeem all or a portion of the
Company’s outstanding 6.75% senior unsecured notes due 2042.
Investors are advised to carefully
consider the investment objective, risks, charges and expenses of
the Company before investing. The pricing term sheet dated
November 13, 2017, the
preliminary prospectus supplement dated November
13, 2017 and the accompanying prospectus
dated May 2, 2017, each of which have been filed with the
Securities and Exchange Commission, contain this and other
information about the Company and should be read carefully before
investing.
The information in the pricing term sheet, the
preliminary prospectus supplement, the accompanying prospectus and
this press release is not complete and may be changed. The pricing
term sheet, the preliminary prospectus supplement, the accompanying
prospectus and this press release are not offers to sell any
securities of the Company and are not soliciting an offer to buy
such securities in any jurisdiction where such offer and sale is
not permitted.
The offering of the Notes may be made
only by means of a preliminary prospectus supplement and an
accompanying prospectus, copies of which may be obtained, when
available, from J.P. Morgan Securities LLC, 383 Madison Avenue, New
York NY 10179, Attn: Investment Grade Syndicate Desk, 212-834-4533;
Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000,
Minneapolis, MN 55402, Attn: WFS Customer Service, or by
calling (800) 645-3751, or by email:
wfscustomerservice@wellsfargo.com.
ABOUT SOLAR CAPITAL LTD.
Solar Capital Ltd. is a closed-end investment
company that has elected to be treated as a business development
company under the Investment Company Act of 1940. A specialty
finance company with expertise in several niche markets, the
Company primarily invests in leveraged, U.S. middle market
companies in the form of senior secured cash flow and asset-based
investments.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute
“forward-looking statements,” which relate to future events or our
future performance or financial condition, including statements
with regard to the anticipated use of the net proceeds of the
Company’s securities offering. These statements are not guarantees
of future performance, conditions or results and involve a number
of risks and uncertainties. Actual results may differ materially
from those in the forward-looking statements as a result of a
number of factors, including those described from time to time in
our filings with the Securities and Exchange Commission. Solar
Capital Ltd. undertakes no duty to update any forward-looking
statements made herein, unless required to do so by applicable
law.
Contact:Investor Relations646-308-8770
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