MidCap Financial Investment Corporation Prices Public Offering of $75.0 Million 8.00% Unsecured Notes Due 2028
06 Dezember 2023 - 10:01PM
MidCap Financial Investment Corporation (NASDAQ: MFIC) (the
“Company”) today announced that it priced an underwritten public
offering of $75.0 million in aggregate principal amount of 8.00%
unsecured notes due 2028 (the “Notes”). The Notes will mature on
December 15, 2028 and may be redeemed in whole or in part at any
time or from time to time at the Company’s option on or after
December 15, 2025. The Notes will bear interest at a rate of 8.00%
per year payable March 15, June 15, September 15 and December 15 of
each year, commencing March 15, 2024. The Company also granted the
underwriters a 30-day option to purchase up to an additional $11.25
million in principal amount of the Notes.
The offering is expected to close on December
13, 2023, subject to customary closing conditions. The Notes are
expected to be listed on The Nasdaq Global Select Market and to
trade thereon within 30 days of the original issue date under the
trading symbol “MFICL”.
Morgan Stanley & Co. LLC, RBC Capital
Markets, LLC and Wells Fargo Securities, LLC are acting as joint
book-running managers for this offering. Apollo Global Securities,
LLC is acting as co-manager in this offering. The Company intends
to use the net proceeds from this offering to repay outstanding
indebtedness under its senior secured revolving credit facility and
for general corporate purposes, which may include investing in
portfolio companies in accordance with its investment
objective.
Investors are advised to carefully
consider the investment objective, risks, charges and expenses of
the Company before investing. The preliminary prospectus supplement
dated December 6, 2023 and the accompanying prospectus dated April
12, 2023, each of which have been filed with the Securities and
Exchange Commission (the “SEC”), contain a description of these
matters and other information about the Company and should be read
carefully before investing.
This offering is being made solely by
means of a written prospectus forming part of the effective
registration statement and a related preliminary prospectus
supplement, which may be obtained for free by visiting the SEC’s
website at www.sec.gov or from any of the following investment
banks: Morgan Stanley & Co. LLC, 1585 Broadway, 29th Floor, New
York, New York 10036, Attn: Investment Banking Division fax: (212)
507-8999; RBC Capital Markets, LLC, Brookfield Place, 200 Vesey
Street, 8th Floor, New York, NY 10281 Telephone: (212) 618-7706,
Email: TMGUS@rbccm.com, Attention: DCM Transaction Management/Scott
Primrose, Wells Fargo Securities, LLC, 550 South Tryon Street, 5th
Floor, Charlotte, North Carolina 28202, Attention: Transaction
Management, Email: tmgcapitalmarkets@wellsfargo.com, fax: (704)
410-0326.
The information in the preliminary
prospectus supplement, the accompanying prospectus and this press
release is not complete and may change. This communication
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of, the Notes in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or other jurisdiction.
About MidCap Financial Investment
Corporation
MidCap Financial Investment Corporation (NASDAQ:
MFIC) is a closed-end, externally managed, diversified management
investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940. For
tax purposes, the Company has elected to be treated as a regulated
investment company under Subchapter M of the Internal Revenue Code
of 1986, as amended. The Company is externally managed by Apollo
Investment Management, L.P., an affiliate of Apollo Global
Management, Inc. and its consolidated subsidiaries, a high-growth
global alternative asset manager. The Company’s investment
objective is to generate current income and, to a lesser extent,
long-term capital appreciation. The Company primarily invests in
directly originated and privately negotiated first lien senior
secured loans to privately held U.S. middle-market companies, which
the Company generally defines as companies with less than $75
million in EBITDA, as may be adjusted for market disruptions,
mergers and acquisitions-related charges and synergies, and other
items. To a lesser extent, the Company may invest in other types of
securities including, first lien unitranche, second lien senior
secured, unsecured, subordinated, and mezzanine loans, and equities
in both private and public middle market companies. For more
information, please visit www.midcapfinancialic.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve risks and
uncertainties, including, but not limited to, statements as to our
future operating results; our business prospects and the prospects
of our portfolio companies; the impact of investments that we
expect to make; our contractual arrangements and relationships with
third parties; the dependence of our future success on the general
economy and its impact on the industries in which we invest; the
ability of our portfolio companies to achieve their objectives; our
expected financings and investments; the adequacy of our cash
resources and working capital; and the timing of cash flows, if
any, from the operations of our portfolio companies.
We may use words such as “anticipates,”
“believes,” “expects,” “intends,” “will,” “should,” “may” and
similar expressions to identify forward-looking statements. Such
statements are based on currently available operating, financial
and competitive information and are subject to various risks and
uncertainties that could cause actual results to differ materially
from our historical experience and our present expectations.
Statements regarding the following subjects, among others, may be
forward-looking: the return on equity; the yield on investments;
the ability to borrow to finance assets; new strategic initiatives;
the ability to reposition the investment portfolio; the market
outlook; future investment activity; and risks associated with
investing in real estate assets, including changes in business
conditions and the general economy. Undue reliance should not be
placed on such forward-looking statements as such statements speak
only as of the date on which they are made. We do not undertake to
update our forward-looking statements unless required by law.
Contact
Elizabeth BesenInvestor Relations ManagerMidCap
Financial Investment Corporation(212) 822-0625ebesen@apollo.com
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