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BlackRock TCP Capital Corp. Prices $150,000,000 of 2.850% Notes Due 2026
SANTA MONICA, Calif.--(BUSINESS WIRE)-- BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“TCPC” or the “Company”) announced today the pricing of $150,000,000 in
About this update from Blackrock Tcp Capital Corp.
[{"type":"text","content":" SANTA MONICA, Calif.--(BUSINESS WIRE)--\nBlackRock TCP Capital Corp. (NASDAQ: TCPC) (“TCPC” or the “Company”) announced today the pricing of $150,000,000 in aggregate principal amount of 2.850% notes due 2026 (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 August 27, 2021.\n\nThe Notes bear interest at a rate of 2.850% per year, payable semiannually and will mature on February 9, 2026 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 2.850% notes due 2026 that the Company issued on February 9, 2021 in the aggregate principal amount of $175,000,000 (the “existing 2026 Notes”). The Notes will be treated as a single series with the existing 2026 Notes under the indenture and will have the same terms as the existing 2026 Notes. The Notes will have the same CUSIP number and will be fungible and rank equally with the existing 2026 Notes. Upon the issuance of the Notes, the outstanding aggregate principal amount of the Company’s 2.850% notes due 2026 will be $325,000,000. 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.\n\nAs previously announced, on August 18, 2021 the Company issued a notice of redemption for all of the $175,000,000 in aggregate principal amount of its issued and outstanding 4.125% notes due 2022 (the “2022 Notes”). The Company intends to use the net proceeds from the offering of the Notes to fund a portion of the redemption price for the 2022 Notes. In anticipation of such redemption, prior to the redemption date for the 2022 Notes, the Company intends to use the net proceeds from the offering of the Notes to repay amounts outstanding under its credit facilities (which then may be drawn upon at the redemption date for the 2022 Notes to fund a portion of the redemption price) and will invest the remaining net proceeds of the offering of the Notes primarily in cash, cash equivalents, ...