Triangle Capital plans to raise additional cash to invest in mid-sized businesses by selling 6.25 million shares of common stock in a secondary offering.
The Raleigh company, which announced the offering after the markets closed on Monday, hasn’t yet priced the shares. Earlier Monday, its shares closed at $20.52, down 3 cents. It shares have risen 7 percent this year.
Triangle Capital periodically periodically boosts its investment capacity with stock and bond offerings. The company had $64.2 million in cash and $171.9 million in borrowing capacity as of March 31.
Triangle Capital typically makes loans of between $5 million and $35 million to privately-owned businesses with annual revenue ranging from $20 million to $200 million. It also takes a minority ownership stake in its portfolio companies.
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Triangle Capital’s investment portfolio is valued at $940 million.