RALEIGH, N.C., July 26, 2016 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE: TCAP ) (“Triangle” or the “Company”) today announced that it has priced an underwritten public offering of 6,250,000 shares of common stock. The public offering price was set at $19.90 per share, and net proceeds from the offering, after deducting underwriting discounts and estimated offering expenses payable by the Company, are expected to be approximately $119.6 million. The Company intends to use the net proceeds of this public offering to make additional investments in lower middle market companies in accordance with its investment objective and strategies, and for working capital and general corporate purposes.
The underwriters have been granted an option, exercisable for 30 days, to purchase up to 937,500 additional shares of common stock. Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, A Stifel Company , BofA Merrill Lynch, Wells Fargo Securities, LLC and Robert W. Baird & Co. Incorporated are acting as joint bookrunning managers of this offering. BB&T Capital Markets, a division of BB&T Securities, LLC, and Janney Montgomery Scott LLC are acting as lead managers, and JMP Securities LLC, Wunderlich Securities, Inc. and Houlihan Lokey Capital, Inc. are acting as co-managers for this offering. The offering is subject to customary closing conditions and is expected to close on July 29, 2016.
Investors should carefully consider, among other things, Triangle’s investment objective and strategies, charges and expenses and the risks related to Triangle and the offering before investing. The preliminary prospectus supplement dated July 25, 2016, including the base prospectus dated April 18, 2016, which has been filed with the Securities and Exchange Commission, contains risk factors and other information about Triangle. A shelf registration statement relating to these securities is on file with and has been declared effective by the Securities and Exchange Commission. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained, when available, from any of the following investment banks: Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; Keefe, Bruyette & Woods, A Stifel Company , 787 Seventh Avenue, 4th Floor, New York, NY 10019 (telephone number: 1-800-966-1559); BofA Merrill Lynch, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, North Carolina, 28255-0001, or by emailing dg.prospectus_requests@baml.com ; Wells Fargo Securities, LLC, Attn: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152-4077 (telephone number: 1-800-326-5897), or by emailing cmclientsupport@wellsfargo.com or Robert W. Baird & Co. Incorporated, Attn: Syndicate Department, 777 East Wisconsin Avenue, Milwaukee, WI 53202 (telephone number: 1-800-792-2473 ), or by emailing syndicate@rwbaird.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the shares referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
About Triangle Capital Corporation
Triangle Capital Corporation ( www.TCAP.com ) invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events. Triangle offers a wide variety of investment structures with a primary focus on mezzanine financing with equity components. Triangle’s investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle’s investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions. Triangle typically invests $5.0 million – $35.0 million per transaction in companies with annual revenues between $20.0 million and $200.0 million and EBITDA between $3.0 million and $35.0 million.
Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NYSE, federal and state laws and regulations. Triangle has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its stockholders.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company’s control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future and some of these uncertainties are enumerated in Triangle’s filings with the Securities and Exchange Commission. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, each as filed with the Securities and Exchange Commission. Copies of such filings are available on the SEC’s website at www.sec.gov and stockholders may receive a hard copy of the completed audited financial statements free of charge upon request to the Company at 3700 Glenwood Avenue, Suite 530, Raleigh, NC 27612. Such forward-looking statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.
Sheri Blair Colquitt Vice President, Investor Relations 919-719-4784 scolquitt@tcap.com Steven C. Lilly Chief Financial Officer 919-719-4789 slilly@tcap.com
