This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

MVC Capital, Inc. Prices Public Offering Of $70.0 Million 7.25% Senior Unsecured Notes Due 2023

PURCHASE, N.Y., Feb. 19, 2013 (GLOBE NEWSWIRE) -- MVC Capital, Inc. (NYSE:MVC) (the "Company"), a publicly traded business development company that makes private debt and equity investments, announced today that it priced a public offering of $70.0 million in aggregate principal amount of senior unsecured notes due 2023 (the "Notes"). The Notes will mature on January 15, 2023, 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 April 15, 2016. The Notes will bear interest at a rate of 7.25% per year payable quarterly on January 15, April 15, July 15, and October 15, of each year, beginning April 15, 2013. The closing of the transaction is subject to customary closing conditions, and the Notes are expected to be delivered on or about February 26, 2013. MVC intends to apply to list the Notes on the New York Stock Exchange under the trading symbol "MVCB." The Company has also granted the underwriters a 30‑day option to purchase up to an additional $10.5 million in aggregate principal amount of the Notes to cover overallotments, if any. If the application is approved, the Company expects trading in the Notes to begin within 30 days from their original issue date.

UBS Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering. BB&T Capital Markets, a division of BB&T Securities, LLC, JMP Securities LLC, MLV & Co. LLC and Sterne, Agee & Leach, Inc. are acting as co-managers for the offering.

The Company intends to use the net proceeds from this offering, together with proceeds from any subsequent offering or offerings of additional Notes directly by the Company, and cash on hand as needed, to repay debt outstanding under an existing credit facility (the "Credit Facility"). If there are any excess net proceeds after the repayment of the Credit Facility, the Company intends to use the proceeds for general corporate purposes, including, for example, investing in portfolio companies according to our investment objective and strategy, repurchasing shares pursuant to the share repurchase program adopted by our Board of Directors, funding distributions, and/or funding the activities of our subsidiaries.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 0.00%
FB $118.06 0.00%
GOOG $695.70 0.00%
TSLA $222.56 0.00%
YHOO $36.00 0.00%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs