TriplePoint Venture Growth BDC Corp. Closes 5-Year Investment Grade Notes Offering Totaling $200.0 Million
March 01 2021 - 5:01PM
Business Wire
4.50% Institutional Notes Due March 2026
Initially Assigned BBB by DBRS, Inc.
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the
“Company,” “TPVG,” “we,” “us,” or “our”), the leading financing
provider to venture growth stage companies backed by a select group
of venture capital firms in technology and other high growth
industries, today announced the closing of a private notes offering
totaling $200.0 million in aggregate principal amount of 4.50%
Notes due March 2026 (the “Notes”).
“Since our initial public offering, we have made significant
progress building out a robust and diversified balance sheet, which
is a testament to our differentiated approach and track record,”
said Sajal Srivastava, president and chief investment officer of
TPVG. “With the closing of our second investment grade notes
offering, combined with our recent success extending and expanding
our revolving credit facility, we have lowered our cost of capital,
expanded our liquidity position and broadened our funding sources.
We appreciate the strong support from a growing group of investors
and an expanded banking group.”
The Notes are unsecured and bear an interest rate of 4.50% per
year, payable semiannually, will mature on March 1, 2026, and may
be redeemed in whole or in part at any time or from time to time at
the Company’s option at par plus accrued interest to the prepayment
date and, if applicable, a premium.
The Company intends to use the net proceeds from this offering
to redeem all of its outstanding 5.75% fixed-rate notes due 2022
($74.75 million in aggregate principal amount) and to use the
remaining proceeds to repay a portion of the outstanding borrowings
under its $350.0 million revolving credit facility, to fund
investments in accordance with its investment objectives and for
other general corporate purposes.
Goldman Sachs & Co. LLC was the sole placement agent of this
offering.
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
TriplePoint Venture Growth BDC Corp. is an externally-managed
business development company focused on providing customized debt
financing with warrants and direct equity investments to venture
growth stage companies in technology and other high growth
industries backed by a select group of venture capital firms. The
Company’s sponsor, TriplePoint Capital, is a Sand Hill Road-based
global investment platform which provides customized debt
financing, leasing, direct equity investments and other
complementary solutions to venture capital-backed companies in
technology and other high growth industries at every stage of their
development with unparalleled levels of creativity, flexibility and
service. For more information about TriplePoint Venture Growth BDC
Corp., visit https://www.tpvg.com. For more information about the
TriplePoint Capital, visit https://www.triplepointcapital.com.
FORWARD-LOOKING STATEMENTS
Certain statements included herein constitute “forward-looking
statements,” which relate to future events or the Company’s future
performance or financial condition. These statements are not
guarantees of future events, performance, condition or results and
involve a number of risks and uncertainties. Actual events,
performance, condition or results, including the use of proceeds
from the offering of the Notes, may differ from those described
herein. These forward-looking statements are subject to
uncertainties and other factors that could cause actual events,
performance, condition or results to differ materially from those
expressed in the forward-looking statements including, without
limitation, the risks, uncertainties, including the uncertainties
surrounding current market volatility and access to capital, and
other factors the Company identifies from time to time in its
filings with the SEC. Although the Company believes that the
assumptions on which these forward-looking statements are based are
reasonable, any of those assumptions could prove to be inaccurate
and, as a result, the forward-looking statements based on those
assumptions also could be incorrect. You should not place undue
reliance on these forward-looking statements. The Company
undertakes no duty to update any forward-looking statements made
herein, whether as a result of new information, future events or
otherwise, except as may be required by law.
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INVESTOR RELATIONS AND MEDIA CONTACT The IGB Group Leon
Berman 212-477-8438 lberman@igbir.com
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