Dallas, Texas 09/11/2013 (Financialstrend) – Medley Capital Corp (NYSE:MCC) has announced the closing of the public offering of 6,900,000 Common stock shares. This includes the full-exercise of the underwriters’ option of buying an additional of 900,000 shares. This will be at a PO price of $13.00/share. MCC raised around $86.4M in net-proceeds after commissions and underwriting discounts as well as estimated expenses for the offering.
The company expects to use the offering’s net proceeds to fund new investment-opportunities and to repay the outstanding-debt under its credit-facility. Some part of the proceeds will also be utilized for general corporate purposes.
Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, Barclays Capital Inc., and J.P. Morgan Securities LLC are the acting joint book running managers. A division of BB&T Securities, LLC- BB&T Capital Markets, Ladenburg Thalmann & Co. Inc., Janney Montgomery Scott LLC, and Maxim Group LLC will be the co-managers.
In Tuesday’s trading session, Medley Capital Corp (NYSE:MCC) rose by 0.52%. The opening price of the shares was $ 13.64 which touched an intraday high of $13.70 and closed at $13.59. Approximately 0.723 million MCC shares were traded on Tuesday which was higher than the average volume of 0.641 shares that were traded over a 30 day period. The company has a market capitalization of $451.54 million.
About the company
MCC is a non-diversified, externally managed close-ended management-investment company. It has filed to be treated like a business-development company. Its investment objective is the generation of capital appreciation and current income. This is achieved largely via investments in the equity-securities of various middle-market companies and privately-negotiated debt.
It has a portfolio of secured loans and, to a smaller degree, subordinate-loans and equity-positions in the situations where it also acts as a secured lender. Its private-debt transactions are structured in such a way that they combine elements and fixed-income and equity investments.