Why TICC Capital (TICC) Is Slipping on Friday

NEW YORK (TheStreet) -- TICC Capital (TICC) closed the week lower after the company announced a secondary offering of 6 million shares.

By market close Friday, shares had taken off 4.1% to $10. Trading volume of 7.7 million was more than 21 times its three-month daily average.

The closed-end fund said it would offer 6 million shares of common stock at $10.14 a share for total gross proceeds of around $60.8 million.

The underwriters have also been granted the option of purchasing up to an additional 900,000 shares.

In a statement, Greenwich, Conn.-based TICC Capital said it intends to use the net proceeds for "general corporate purposes, which may include investments in corporate debt and equity securities and investments in structured finance vehicles."

The offer's close is scheduled for March 19, pursuant to customary closing conditions.

Barclays, Deutsche Bank and UBS are acting as joint book-running managers for the offering.

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TheStreet Ratings team rates TICC CAPITAL CORP as a Buy with a ratings score of B. The team has this to say about their recommendation:

"We rate TICC CAPITAL CORP (TICC) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, attractive valuation levels, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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