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Fidus Investment Corporation Announces Closing of Public Offering of $55,000,000 5.375% Notes Due 2024
EVANSTON, Ill., Oct. 16, 2019 (GLOBE NEWSWIRE) -- Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”) today announced that it has closed a
About this update from Fidus Investment Corporation
[{"type":"text","content":"EVANSTON, Ill., Oct. 16, 2019 (GLOBE NEWSWIRE) -- Fidus Investment Corporation (NASDAQ:FDUS) (“Fidus” or the “Company”) today announced that it has closed a registered public offering of $55.0 million aggregate principal amount of its 5.375% notes due 2024 (the “Notes”), which resulted in net proceeds to the Company of approximately $53.0 million based on a public offering price of 100% of the aggregate principal amount of the Notes, after deducting payment of underwriting discounts and commissions and estimated offering expenses payable by the Company. The Notes are expected to be listed, and trade, on The Nasdaq Global Select Market under the trading symbol “FDUSG” within 30 days of October 16, 2019.\n The Notes will mature on November 1, 2024 and may be redeemed in whole or in part at any time, or from time to time, at the Company’s option on or after November 1, 2021 upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price equal to 100% of the outstanding principal amount of the Notes to be redeemed plus accrued and unpaid interest payments otherwise payable thereon for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. The Notes will bear interest at a rate of 5.375% per year, payable quarterly on February 1, May 1, August 1 and November 1 of each year, beginning on February 1, 2020. The Notes are expected to be rated “A-”* by Egan-Jones Ratings Company. The Company has also granted the underwriters an option to purchase an additional $8.3 million aggregate principal amount of Notes to cover overallotments, if any, within 30 days of October 10, 2019. The Company intends to use the net proceeds from this offering to repay outstanding indebtedness under its existing credit facility with ING Capital LLC. However, the Company may re-borrow under its credit facility and use such borrowings to invest in lower middle-market companies in accordance with its investment objective and strategies and for working capital and general corporate purposes. As of October 9, 2019, the Company had $62.5 million of indebtedness outstanding under its credit facility. The credit facility matures on April 24, 2023, and borrowings under the credit facility bear interest, at our election, at a rate per annum equal to...