Sept 10 – Kohlberg Capital Corp. said it has withdrawn a proposed public offering due to general stock market conditions and unusual trading activity in its stock.
On Sept. 3, the business development company said it would offer 4.5 million common shares and expects to raise $46.2 million in net proceeds, or $53.2 million if underwriters’ option was exercised in full.
The underwriters were to be given an option to purchase up to an additional 675,000 shares.
The company had expected to use the proceeds to invest in portfolio companies and for general corporate purposes.
The joint book-running managers for the offering were UBS Investment Bank and JMP Securities.
Shares of the company were up 11 percent at $10.22 in afternoon trade on Nasdaq. (Reporting by Supantha Mukherjee in Bangalore; Editing by Deepak Kannan)