The company priced the offering at $13.02 a share. The offering includes a 30-day option for underwriters to purchase up to an additional 750,000 shares. Medley Capital plans to use the net proceeds from the offering to repay part of its outstanding debt under its revolving credit facility and to help fund new investment opportunities.
The stock was down 2.18% to $13 at 10:11 a.m. More than 4.8 million shares changed hands, compared to the average volume of 577,731.
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Separately, TheStreet Ratings team rates MEDLEY CAPITAL CORP as a "buy" with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate MEDLEY CAPITAL CORP (MCC) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, growth in earnings per share, compelling growth in net income, expanding profit margins and good cash flow from operations. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: