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Runway Growth Finance Corp. Prices Offering of 7.50% Notes due 2027
WOODSIDE, Calif., July 21, 2022 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (the “Company”) (Nasdaq: RWAY), an externally managed business development
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"WOODSIDE, Calif., July 21, 2022 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (the “Company”) (Nasdaq: RWAY), an externally managed business development company, today announced that it has priced an underwritten public offering of $70 million aggregate principal amount of notes due 2027 (the “Notes”), which will result in net proceeds to the Company of approximately $67.9 million after payment of underwriting discounts and commissions but before deducting expenses payable by the Company related to this offering. The Notes will mature on July 28, 2027 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 July 28, 2024. The Notes will be issued in denominations of $25 and integral multiples of $25 in excess thereof and will bear interest at a rate of 7.50% per year, payable quarterly, with the first interest payment occurring on September 1, 2022. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional $10.5 million aggregate principal amount of Notes to cover overallotments, if any. The offering is expected to close on July 28, 2022, subject to customary closing conditions. The Company intends to list the Notes on the Nasdaq Global Select Market under the symbol “RWAYL.” The Company intends to use the net proceeds from this offering to repay outstanding indebtedness under its Credit Agreement with KeyBank National Association (the “Credit Facility”). However, through re-borrowing of the initial repayments under the Credit Facility, the Company intends to use the net proceeds from this offering to make investments in accordance with its investment objective and strategies described in the prospectus supplement and the accompanying prospectus, to pay operating expenses and other cash obligations, and for general corporate purposes. As of July 15, 2022, the Company had $163.0 million of indebtedness outstanding under the Credit Facility, which bore interest at a rate of 5.18% as of such date. The Credit Facility matures on April 20, 2026. Oppenheimer & Co. Inc., B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are acting as joint book-running managers of this offering. Compass Point Research & Trading, LLC and Hovde Group, LLC are acting as co-managers of this offering. Investors are advised...