Triangle Capital reaps more than $125 million
08/15/2014 2:05 PM
08/15/2014 2:06 PM
Raleigh investment firm Triangle Capital netted more than $125 million from its latest stock offering – money that it can use to make new investments.
Triangle Capital reported Friday that its sale of 4.9 million shares of stock this week will generate net proceeds of about $127.7 million after deducting expenses associated with the offering. The offering totaled 4.3 million shares – 300,000 more than the company originally planned – plus an additional 645,000 shares sold when the underwriters exercised their option.
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.
Triangle Capital had $79.6 million in cash and another $133.7 million in borrowing capacity under its credit facility at the end of the second quarter.
Triangle Capital shares were trading at $27.18, up 9 cents, Friday afternoon. Its shares essentially have been flat for the year.
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