Business
WhiteHorse Finance, Inc. Announces Pricing of Public Offering of $30 million 7.875% Notes Due 2028
NEW YORK, Aug. 17, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc., a business development company (the "Company") (Nasdaq: WHF), today announced that it has
About this update from Whitehorse Finance, Inc.
[{"type":"text","content":"NEW YORK, Aug. 17, 2023 /PRNewswire/ -- WhiteHorse Finance, Inc., a business development company (the \"Company\") (Nasdaq: WHF), today announced that it has priced a registered public offering of $30 million in aggregate principal amount of its 7.875% notes due 2028 (the \"Notes\"), which will result in net proceeds to the Company of approximately $28.8 million (or approximately $33.2 million if the underwriters fully exercise the overallotment option described below), 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.\nThe Notes will mature on September 15, 2028 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 September 15, 2025. The Notes will bear interest at a rate of 7.875% per year, payable quarterly every March 15, June 15, September 15 and December 15, commencing September 15, 2023. The Notes have received a private rating of \"BBB+\" from Egan-Jones Ratings Company and BBB (low) from DBRS, Inc.* The Company has also granted the underwriters a 30-day option to purchase an additional $4.5 million aggregate principal amount of Notes to cover overallotments, if any.\nThe offering is subject to customary closing conditions and is expected to close on August 24, 2023. The Company has submitted an application for the Notes to be listed and traded on The Nasdaq Global Select Market under the trading symbol \"WHFCL\". If approved for listing, the Company expects the Notes to begin trading within 30 days from the original issue date.\nThe Company intends to use all or substantially all of the net proceeds from the offering to repay amounts outstanding under its existing revolving credit facility with JPMorgan Chase Bank, N.A. (the \"Credit Facility\"), to fund new investments in accordance with its investment objective and strategies and for general corporate purposes. As of August 15, 2023, the Company had $267 million of indebtedness outstanding under the Credit Facility. Borrowings under the Credit Facility generally bear interest at an annual rate equal to SOFR plus 2.50% and will mature on November 22, 2025.\nOppenheimer & Co. Inc., B. Riley Securities, Inc. and Ladenburg Thalmann & Co., Inc. are acting as...