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BlackRock Kelso Capital Corporation Announces Exercise Of Overallotment Option

BlackRock Kelso Capital Corporation (NASDAQ:BKCC) ("BlackRock Kelso Capital" or the "Company") announced today that in connection with its recent private offering, which closed on February 19, 2013 (the "Offering"), of $100 million in aggregate principal amount of its 5.50% unsecured convertible senior notes due 2018 (the “Notes”), the initial purchasers of the Notes have fully exercised their overallotment option and have purchased an additional $15 million in aggregate principal amount of the Notes. The closing of the overallotment option is expected to take place on March 4, 2013. With the exercise of the overallotment option, a total of $115 million in aggregate principal amount of the Notes have been sold. Net proceeds to the Company from the Offering, including the exercise of the overallotment option, are approximately $111.3 million. The Notes will only be offered to qualified institutional buyers as defined in the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Rule 144A under the Securities Act.

The Notes are unsecured and bear interest at a rate of 5.50% per year, payable semiannually in arrears. In certain circumstances and during certain periods, the Notes are convertible into cash, shares of BlackRock Kelso Capital’s common stock or a combination of cash and shares of BlackRock Kelso Capital’s common stock, at BlackRock Kelso Capital’s election, at an initial conversion rate of 86.0585 shares of common stock per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $11.62 per share of BlackRock Kelso Capital’s common stock, subject to customary anti-dilution adjustments. BlackRock Kelso Capital does not have the right to redeem the Notes prior to maturity. The Notes mature on February 15, 2018, unless repurchased or converted in accordance with their terms prior to such date.

BlackRock Kelso Capital expects to use the net proceeds of this offering to reduce outstanding borrowings and for general corporate purposes, including investing in portfolio companies in accordance with its investment objective.

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