Los Angeles Business Journal

TCP Capital to Sell Shares

By Deborah Crowe Thursday, September 26, 2013

TCP Capital Corp. on Thursday priced a public offering of 3.8 million shares of its common shares at $15.76 a share, which will raise about $60 million.

The Santa Monica specialty finance company announced the offering after the market close on Wednesday. It intends to use the net proceeds to repay amounts outstanding under its revolving credit facilities.

TCP, which lends to middle-market companies, last sold shares in May in an offering that raised $70.3 million. It currently has 26.6 million shares outstanding and a market cap of $433 million.

Shares on Thursday closed down 61 cents, or nearly 4 percent, to $15.64 on the Nasdaq.