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Investment company Solar Capital raises $95m in IPO
15 February 2010
NASDAQ-listed investment company Solar Capital has closed its initial public offering of common stock, raising $95m. A total of 5,000,000 shares of common stock were sold in this offering at a price of $18.50 per share.
As part of the offering, company management also purchased an additional 600,000 shares, at $18.50 per share.
Solar Capital said that it. expects to use substantially all of the net proceeds from this offering to make new investments in portfolio companies, for general working capital purposes and for temporary repayment of debt.
The company also announced the closing of its newly amended and restated $270m senior secured revolving credit facility.
Solar Capital invests primarily in leveraged companies, including middle market companies, in the form of senior secured loans, mezzanine loans and equity securities.
The joint book-running managers for the initial public offering were Citi, J.P. Morgan, Morgan Stanley and SunTrust Robinson Humphrey. The co-managers for the initial public offering were BMO Capital Markets, BB&T Capital Markets, a division of Scott & Stringfellow, and RBC Capital Markets.
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