Raleigh investment firm Triangle Capital reported that its latest stock offering will generate about $111 million in net proceeds that the company plans to use for new investments.
Triangle Capital announced Tuesday that it’s new stock offering consists of 4.3 million shares – 300,000 more than it announced a day earlier – that have been priced at $28.65 per share. The expected net proceeds of $111 million deducts costs and expenses associated with the stock offering.
Triangle Capital shares were trading at $26.82, down 82 cents, early Tuesday afternoon. The company’s shares have fallen 2 percent this year.
Triangle Capital makes loans to mid-sized, privately held businesses and also takes a minority ownership stake in those businesses. The company periodically issues new stock or sells bonds to increase its investment capital.
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Triangle Capital had $79.6 million in cash and another $133.7 million in borrowing capacity under its $165 million credit facility at the end of the second quarter.
The underwriters of the latest offering also have the option to purchase an additional 645,000 shares at the offering price.