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Triangle Capital boosts cash hoard by $132 million

Raleigh investment firm Triangle Capital expects to receive net proceeds of $132 million from its latest secondary stock offering.

Triangle Capital announced on Tuesday, a day after it unveiled plans to sell 7 million shares of newly issued stock, that its shares were priced at $19.50 each. The publicly held company periodically issues new stock or bonds to boost its investment capacity.

The underwriters also have an option to purchase a little more than 1 million shares of additional stock at the same price.

At the end of 2016, Triangle Capital had $107.1 million in cash and $173 million in borrowing capacity under its $300 million senior credit facility. In addition, in January the Small Business Administration approved its application for a third Small Business Investment Company license, enabling it to borrow up to $100 million at favorable rates.

The company’s investment portfolio is valued at $1.04 billion.

Triangle Capital typically makes loans ranging from $5 million to $35 million in companies with annual revenue between $20 million and $200 million. It also takes a minority ownership stake in the companies in its portfolio.

Triangle Capital shares closed Tuesday at $19.35, down 64 cents.

David Ranii: 919-829-4877, @dranii

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