TCP Capital Corp sets pricing for IPO

TCP Capital Corp. said Thursday that it has priced its IPO of 3.8 million shares at $15.76 per share for a total value of approximately $59.9 million. The offering is expected to close on or near October 1, 2013. Deutsche Bank Securities Raymond James, Keefe, Bruyette & Woods. and RBC Capital Markets are underwriting the IPO. Based in Los Angeles, TCP Capital Corp. is a middle-market lender.

PRESS RELEASE

SANTA MONICA, Calif.–(BUSINESS WIRE)–TCP Capital Corp. (NASDAQ:TCPC) (the “Company”) today announced that it has priced the public offering of 3.8 million shares of its common stock at $15.76 per share for total gross proceeds of approximately $59.9 million. The Company has granted the underwriters an option for 30 days to purchase up to an additional 15% of the shares of common stock sold. The offering is subject to customary closing conditions and is expected to close on or about October 1, 2013. The offering of the shares will be made under the Company’s shelf registration statement, which was filed with, and declared effective by, the Securities and Exchange Commission.
TCPC intends to use the net proceeds of this offering to repay amounts outstanding under its revolving credit facilities.
Deutsche Bank Securities Inc., Raymond James, Keefe, Bruyette & Woods, Inc. and RBC Capital Markets, LLC are acting as joint book-running managers for the offering.
Investors are advised to carefully consider the investment objective, risks, charges and expenses of TCPC before investing. The preliminary prospectus supplement dated September 25, 2013, the accompanying prospectus dated April 3, 2013 and the Statement of Additional Information, or SAI, incorporated by reference in its entirety in the prospectus supplement, dated the date of the prospectus supplement, which have been filed with the Securities and Exchange Commission, contain this and other information about TCPC and should be read carefully before investing.
The information in the preliminary prospectus supplement, the accompanying prospectus, the SAI and this press release is not complete and may be changed. The preliminary prospectus supplement, the accompanying prospectus, the SAI and this press release are not offers to sell any securities of TCPC and are not soliciting an offer to buy such securities in any state where such offer and sale is not permitted.
The offering may be made only by means of a preliminary prospectus supplement, the SAI and an accompanying prospectus, copies of which may be obtained from Deutsche Bank Securities Inc., 60 Wall Street, New York, NY 10005-2836, Attn: Prospectus Group, tel.: (800) 503-4611 or e-mail: prospectus.CPDG@db.com; Raymond James, 880 Carillon Parkway, St. Petersburg, FL 33716, tel.: (800) 248-8863; Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, 4th Floor, New York, NY 10019, Attn: Equity Capital Markets, tel.: (800) 966-1559; or RBC Capital Markets, LLC, Three World Financial Center, 8th Floor, 200 Vesey Street, New York, NY 10281, Attn: Equity Syndicate, tel.: (877) 822-4089.
About TCP Capital Corp.
TCP Capital Corp. (NASDAQ:TCPC) is a specialty finance company focused on performing credit lending to middle-market companies with established market positions. TCPC focuses on companies with differentiated products and strong regional or national operations and where it has deep industry knowledge and expertise. TCPC’s investment objective is to seek to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, Tennenbaum Capital Partners, LLC, a leading alternative investment manager. For more information, visit www.tcpcapital.com.