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Trinity Capital Inc. Prices Reopening of $50.0 Million of 7.00% Notes due 2025
PHOENIX, July 20, 2022 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity" or the "Company"), a leading provider of debt and equipment financing to
About this update from Trinity Capital Inc.
[{"type":"text","content":"PHOENIX, July 20, 2022 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (\"Trinity\" or the \"Company\"), a leading provider of debt and equipment financing to venture capital backed growth stage companies, today announced that it has priced an underwritten public offering of an additional $50.0 million in aggregate principal amount of 7.00% notes due 2025 (the \"Notes\"). In connection with the offering, Trinity has granted the underwriters a 30-day option to purchase additional Notes in an amount of up to $7.5 million. The Notes are being issued at 99.52% of the principal amount per note.\n\n \n \n \n \n \n \n\n \nThe Notes are an additional issuance of the 7.00% notes due 2025 that Trinity issued on January 16, 2020, in an aggregate principal amount of $125.0 million (the \"Existing Notes\"). The Notes will be treated as a single series with the Existing Notes under the indenture and will have the same terms as the Existing Notes. The Notes will have the same CUSIP number and will be fungible and rank equally with the Existing Notes. Upon the issuance of the Notes, the outstanding aggregate principal amount of Trinity's 7.00% notes due 2025 will be $175.0 million ($182.5 million if the underwriters exercise the over-allotment option in full to purchase additional Notes). The offering is subject to customary closing conditions and is expected to close on July 22, 2022. The Notes, along with the Existing Notes, are expected to trade on the Nasdaq Global Select Market within 30 days of closing.\nTrinity intends to use substantially all the net proceeds from this offering to repay a portion of its outstanding indebtedness under its credit facility with KeyBank National Association. As of July 14, 2022, Trinity had $232.0 million of indebtedness outstanding under its credit facility. The credit facility matures on October 27, 2026, and borrowings under the credit facility currently bear interest on a per annum basis equal to Adjusted Term SOFR plus 2.85%.\nKeefe, Bruyette & Woods, Inc., A Stifel Company and UBS Securities LLC are acting as the joint book-running managers for this offering. Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are acting as co-lead managers for this offering.\nInvestors should carefully consider, among other things, Trinity's investment objective and strategies and the risks related to Trinit...