RALEIGH, N.C., July 29, 2016 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP) announced that it closed an underwritten public offering of 6,250,000 shares of common stock. Net proceeds from the offering, after deducting underwriting discounts and estimated offering expenses payable by the Company, were approximately $119.6 million. The Company intends to use the net proceeds of this public offering to make additional investments in lower middle market companies in accordance with its investment objective and strategies, and for working capital and general corporate purposes. The underwriters have been granted an option, exercisable for 30 days, to purchase up to 937,500 additional shares of common stock to cover overallotments, if any.
Morgan Stanley & Co. LLC, Keefe, Bruyette & Woods, A Stifel Company, BofA Merrill Lynch, Wells Fargo Securities, LLC and Robert W. Baird & Co. Incorporated acted as joint bookrunning managers of this offering. BB&T Capital Markets, a division of BB&T Securities, LLC, and Janney Montgomery Scott LLC acted as lead managers, and JMP Securities LLC, Wunderlich Securities, Inc. and Houlihan Lokey Capital, Inc. acted as co-managers for this offering.
About Triangle Capital Corporation
Triangle Capital Corporation (www.TCAP.com) invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events. Triangle offers a wide variety of investment structures with a primary focus on mezzanine financing with equity components. Triangle’s investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle’s investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions. Triangle typically invests $5.0 million - $35.0 million per transaction in companies with annual revenues between $20.0 million and $200.0 million and EBITDA between $3.0 million and $35.0 million.
