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FDUS, GLAD + OFS Price Publicly Traded Notes

|Includes: Fidus Investment (FDUS), GLAD, OFS

FDUS priced $55.0 million of 5.375% notes due 2024.

On 10/10/19 Fidus Investment Corporation (FDUS) priced $55.0 million of 5.375% notes due 2024. The Notes are expected to be rated “A-”* by Egan-Jones Ratings Company. The Notes are expected to be listed, and trade, on The Nasdaq Global Select Market under the trading symbol “FDUSG” within 30 days from the original issue date.

GLAD offers 5.375% Notes due 2024

Gladstone Capital Corporation (GLAD) on 10/08/19 announced that it priced a public offering of $33,750,000 aggregate principal amount of 5.375% Notes due 2024. The Notes will mature on November 1, 2024 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 November 1, 2021. The Company also granted the underwriters a 30-day option to purchase up to an additional $5,062,500 in aggregate principal amount of Notes to cover overallotments, if any. The Company expects to list the Notes on the Nasdaq Global Select Market under the trading symbol “GLADL” within 30 days of issuance. Janney Montgomery Scott, Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS), and B. Riley FBR are acting as joint book-running managers for this offering. William Blair and Wedbush Securities are acting as co-managers for this offering.

OFS Prices $50 Million of 5.95% notes due 2026

On 10/09/19 OFS Capital Corporation (OFS) announced that it has priced a registered public offering of $50 million aggregate principal amount of its 5.95% notes due 2026 which will result in net proceeds of approximately $48,137,500.

The Notes will mature on October 31, 2026 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 October 31, 2021. The Notes will bear interest at a rate of 5.95% per year, payable quarterly on January 31, April 30, July 31 and October 31 of each year, beginning on January 31, 2020. The Notes have received a private rating of “BBB+”* from Egan-Jones Ratings Company. The Company has also granted the underwriters a 30-day option to purchase an additional $7,500,000 aggregate principal amount of Notes to cover overallotments, if any.

The offering is expected to close on October 15, 2019. The Company has submitted an application for the Notes to be listed and trade on The Nasdaq Global Select Market under the trading symbol “OFSSI”. If approved for listing, the Company expects the Notes to begin trading within 30 days from the original issue date. Ladenburg Thalmann, Janney Montgomery Scott LLC, and BB&T Capital Markets are acting as joint book-running managers for the offering. Incapital LLC and National Securities Corporation are acting as lead managers for the offering.

 

Context - other BDC note & baby bond offerings:

On 10/09/19 OFS priced $50 million in 5.95% Notes due 2026 (OFSSI).

On 10/08/19 GLAD priced $33.750 million of 5.375% Notes due 2024 (GLADL).

On 8/16/19 TCPC priced $150 million 3.90% Notes Due 2024.

On 7/25/19 NEWT priced $55.0 million 5.75% Notes Due 2024 (NEWTZ).

On 7/21/19 FSK priced $175 Million 4.75% Notes due 2022.

On 7/08/19 FSK priced $400 Million 4.625% Notes due 2024.

On 6/07/19 NMFC priced $86.25 million in additional 5.75% unsecured notes due 2023

On 6/05/19 ARCC priced $650.0 million in 4.20% notes due 2024.

On 4/17/19 MAIN priced $250.0 million of 5.20% notes due 2024.

On 3/5/19 ARCC priced $350 million of unsecured 4.625% convertible notes due 2024.

On 2/27/19 PSEC priced $175 million (plus over allotment of $26.5 million) of senior unsecured 6.375% convertible notes due 2025.

On 2/05/19 FDUS priced $60.0 million of 6.00% notes due 2024sold as FDUSZ.

On 02/01/19 SAR did a $17.235 million secondary offering of 6.25% notes SAF due 2025.

On 11/28/18 PSEC priced $50.0 million of 6.875% unsecured notes due 2029 sold as PBC.

In Nov 2018 GLAD issued 57.5 million shares of 6.125% 2023 notes that will trade as GLADD.

On 11/08/18 WHF priced $33 million of 6.50% notes due 2025 to be sold as WHFBZ.

On 10/12/18 OFS Capital priced $43.5 million in 6.50% notes due 2025 to be sold as OFSSZ.

On 10/02/18 TCRD sold $50 million of 6.75% notes due 2023 to be sold as TCRW.

On 9/27/18 PSEC priced $100 million of 6.375% unsecured notes due 2024.

On 9/21/18 NMFC priced $50 million in 5.75% unsecured notes due 2023 to be sold as NMFX.

On 9/19/18 HTGC priced $40 million of 6.25% notes due 2033 to be sold as HCXY.

On 9/06/18 MRCC priced $60 million in 5.75% notes due 2023 (which matches the yield of MRCCL).

On 8/28/18 SAR priced $40 million of 6.25% fixed-rate notes due 2025 which trade as SAF.

On 8/24/18 HCAP priced $28.8 million in 6.125% notes due 2022 (HCAPZ).

On 8/21/18 SAR priced $40 million of 6.25% new seven-year fixed rate notes sold as “SAF

On 8/16/18 NMFC offered $100 million of its 5.75% unsecured convertible notes due 2023 (which matches the yield of NMFX).

On 8/15/18 GAIN offered 2,600,000 shares of its newly designated 6.375% Series E Cumulative Term Preferred Stock due 2025 sold as GAINL.

On 7/05/18 NMFC issued a private placement of $50 million of 5.36% Series 2018B Notes due June 28, 2023 .

On 7/17/18 WHF announced a private offering of $30 million aggregate principal amount of its 6.00% Senior Notes due 2023.

On 6/28/18 CMFN priced $30 million of its 6.125% notes due 2023 - traded as CMFNL.

On 6/27/18 GSBD reopened an offering of $32.5 million of its 4.50% convertible notes due 2022.

On 5/31/18 PSEC priced $50 million in 6.25% unsecured notes due 2028 (which matches the yield of PBB).

On 4/24/18 HTGC priced $75 million in 5.25% notes due 2028.

On 4/11/18 OFS priced $43.75 million of 6.375% notes due 2025 to be traded as OFSL (at Yahoo it is listed as OFSSL).

On 3/20/18 TICC became OXSQ and the 6.5% 2024 note (TICCL) became OXSQL.

On 2/02/18 FDUS priced $43.5 million of 5.875% notes due 2023- which trade as FDUSL.

On 1/18/18 TSLX priced $150.0 million of 4.50% Notes due 2023.

On 1/08/18 ARCC priced $600.0 million in 4.25% notes due 2025.

On 11/22/17 PFLT priced an offering in Israel of $138.7 million of its 3.83% Series A Notes.

On 11/16/17 MAIN priced $185 million of 4.50% notes due 2022.

On 11/13/2017 SRLC priced $75 million of a 4.50% bond that matures on 01/20/2023.

In Sept 2017 GLAD issued 2.1 million shares of 6.0% 2024 Pref shares that trade as GLADN.

On 8/04/2017 TCPC sold $125.0 million of 4.125% unsecured notes that mature on August 11, 2022. On November 3, 2017, the Company issued an additional $50.0 million of the 2022 Notes.

On 8/21/17 SCM priced $42.5 million of 5.75% notes due 2022 that trade as "SCA" which were used to redeem 2019 due notes @ 6.5% yield "SCQ".On 8/07/17 ARCC priced $750 million of 3.500% notes due 2023.On 7/17/17 BKCC priced $143.75 million in senior unsecured 5.00% Convertible Notes due 2022.

On 7-11-17 TPVG offered $72.3 million of 5.75% notes (TPVY) maturing in 2020. TPVZ (yielding 6.75% also maturing 2020) was redeemed

On 06/07/17 OXLC priced 2,500,000 shares of 6.75% Series 2024 Term Preferred Shares sold as OXLCM.

On 5-23-17 CPTA priced of $50 million in unsecured 5.75% convertible notes due 2022 which trade as CPTAL.On 4/06/17 PSEC priced $225 million in senior unsecured 4.95% Convertible Notes Due 2022.On 1/26/17 TSLX had a private offering $100 million of 4.50% Convertible Senior Notes due 2022.On 1/24/17 ARCC announced a private offering $350 million of 3.75% Convertible Notes due 2022.

On 12/21/16 SAR issued $74.5 million of 6.75% notes due 2023 that trade as SAB.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.