Follow-On Offering

Technology & Services
Follow-On Offering

Summary

Baird served as joint book-running manager on this offering.

About

Triangle Capital Corporation (“Triangle” or the “Company”) (NYSE: TCAP) recently completed a follow-on offering of 6,250,000 shares of its common stock at a price of $19.90 per share, generating gross proceeds of approximately $124.4 million. Triangle has also granted the underwriters an option, exercisable for 30 days, to purchase up to 937,500 additional shares of common stock to cover over-allotments, if any. The Company intends to use the net proceeds from the offering to make additional investments in lower middle market companies in accordance with its investment objective and strategies, and for working capital and general corporate purposes.

Triangle provides capital to lower middle market companies located primarily in the United States. Triangle focuses on investments in companies with a history of generating revenues and positive cash flows, an established market position and a proven management team with a strong operating discipline. Triangle’s target portfolio company has annual revenues between $20 million and $200 million and annual earnings before interest, taxes, depreciation and amortization, or EBITDA, between $3 million and $35 million. The Company invests primarily in subordinated debt securities secured by second lien security interests in portfolio company assets, coupled with equity interests. On a more limited basis, Triangle also invests in senior debt securities secured by first lien security interests in portfolio company assets. The Company’s investments generally range from $5 million to $35 million per portfolio company. In certain situations, Triangle has partnered with other funds to provide larger financing commitments. Triangle is headquartered in Raleigh, North Carolina.

For additional information about this transaction, please contact:

Mark C. Micklem +1 (202) 303-1815
Ryan Engelhardt +1 (414) 298-2637
Aaron Sharabaika +1 (202) 303-1816
Katie Kasper +1 (414) 298-5991
Technology & Services
Follow-On Offering
Date
August 2016
Company
Triangle Capital Corporation
Transaction
M&A
Sectors
Technology & Services
Target Location
North America

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