BlackRock TCP Capital Corp. Prices $50,000,000 of 3.9% Notes Due 2024
BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“TCPC” or the “Company”) announced today the pricing of $50,000,000 in aggregate principal amount of 3.9% notes due 2024 (the “Notes”). The closing of the transaction is subject to customary closing conditions and the Notes are expected to be delivered and paid for on October 2, 2020.
The Notes bear interest at a rate of 3.9% per year, payable semiannually beginning on February 23, 2021 and will mature on August 23, 2024 and may be redeemed in whole or in part at the Company's option at any time at par plus a “make whole” premium, if applicable. The Notes are a further issuance of the $200,000,000 aggregate principal amount of 3.9% notes due 2024 that the Company issued on August 23, 2019 and November 26, 2019 (the “Existing 2024 Notes”). The Notes will be treated as a single series with the Existing 2024 Notes under the indenture and will have the same terms as the Existing 2024 Notes. The Notes will have the same CUSIP number and will be fungible and rank equally with the Existing 2024 Notes. Upon the issuance of the Notes, the outstanding aggregate principal amount of the Company’s 3.9% notes due 2024 will be $250,000,000. The Notes will be direct unsecured obligations of the Company and rank equally in right of payment with all outstanding and future unsecured senior indebtedness issued by the Company. The Notes will be structurally subordinated to the debt of any of the Company’s subsidiaries and effectively subordinated to all of the Company’s outstanding and future secured indebtedness.
The Company intends to use the net proceeds from this offering to repay amounts outstanding under its credit facilities (which will increase the funds under the credit facilities available to the Company to make additional investments in portfolio companies in accordance with its investment objective) and for other general corporate purposes, including payment of operating expenses.
BofA Securities, Inc. is acting as the sole book-running manager for this offering. Morgan Stanley & Co. LLC, ING Financial Markets LLC and SMBC Nikko Securities America, Inc. are acting as co-managers.
Investors are advised to carefully consider the investment objective, risks, charges and expenses of TCPC before investing. The preliminary prospectus supplement dated September 25, 2020 and the accompanying prospectus dated August 16, 2019, which have been filed with the SEC, contain this and other information about TCPC and should be read carefully before investing.