Full Circle Capital Corporation (NASDAQ:FULL) (“Full Circle”) announced that it has priced an underwritten public offering of $18,750,000 in aggregate principal amount of 8.25% fixed-rate notes due 2020 (the “Notes”). The Notes will mature on June 30, 2020, and may be redeemed in whole or in part at any time or from time to time at Full Circle’s option on or after June 30, 2016. Interest will be payable quarterly, beginning September 30, 2013. Full Circle has granted the underwriters an option to purchase up to an additional $2,812,500 in aggregate principal amount of Notes. The offering is expected to close on June 28, 2013, subject to customary closing conditions.
Full Circle intends to use the net proceeds from the offering to repay outstanding indebtedness. However, subsequent to such repayment, it intends to borrow additional amounts under its credit facility to make investments in new portfolio companies in accordance with its investment objective and strategies described in the prospectus and for general corporate purposes.
The Notes are expected to be listed on the NASDAQ Capital Market and to trade thereon within 30 days of the original issue date under the trading symbol "FULLL."
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT: LTS), and William Blair & Company, LLC are acting as joint book-running managers. National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (OTCBB: NHLD), is acting as senior lead manager. Gilford Securities Incorporated, Maxim Group LLC and MLV & Co. LLC are acting as lead managers. C&Co/PrinceRidge LLC and Dominick & Dominick LLC are acting as co-managers.
Investors are advised to consider carefully the investment objective, risks and charges and expenses of Full Circle before investing. The prospectus, dated June 25, 2013, which will be filed with the Securities and Exchange Commission, contains a description of these matters and other important information about Full Circle and should be read carefully before investing.