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BlackRock Capital Investment Corporation Announces Public Offering of Convertible Notes due 2022

NEW YORK, Jun 07, 2017 (BUSINESS WIRE) — BlackRock Capital
Investment Corporation


(“BCIC”, “our”, or “we”) today announced that it is
offering, subject to market and other conditions, $125 million
in aggregate principal amount of senior unsecured convertible
notes due 2022 (the “Notes”) in an underwritten public
offering. BCIC also intends to grant the underwriters for the
offering a 30-day overallotment option to purchase up to an
additional $18.75 million aggregate principal amount of the

The Notes will mature on June 15, 2022, unless previously
converted, repurchased or redeemed in accordance with their
terms. Interest on the Notes will be payable semi-annually in
arrears on June 15 and December 15 of each year, commencing on
December 15, 2017. The interest rate, the conversion rate and
other terms of the Notes will be determined at the time of
pricing of the offering. Upon conversion, holders will receive
cash, shares of BCIC’s common stock or a combination thereof at
BCIC’s election.

BCIC intends to use the net proceeds of the offering to repay
certain outstanding indebtedness, which may include repaying
outstanding borrowings under our credit facility, and for other
general corporate purposes, which include investing in
portfolio companies in accordance with our investment objective
and strategies.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, BMO Capital
Markets, Citigroup Global Markets Inc., Credit Suisse
Securities (USA) LLC, Deutsche Bank Securities and HSBC
Securities (USA) Inc. are acting as joint book-running managers
for the offering.

The offering of these securities may be made only by means of a
prospectus and a related prospectus supplement, a copy of which
may be obtained by contacting: Morgan Stanley & Co. LLC,
180 Varick Street, New York, New York 10014, Attention:
Prospectus Department, Telephone: 866-718-1649; BofA Merrill
Lynch, NC1-004-03-43, 200 North College Street, 3rd floor,
Charlotte NC 28255-0001, Attn: Prospectus Department, Email:; BMO Capital
Markets Corp. Attn: Equity Syndicate Department, 3 Times
Square, New York, NY 10036,, Telephone: 1-800-414-3627;
Citigroup Global Markets Inc. , c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; Credit
Suisse Securities (USA) LLC, Attention: Credit Suisse
Prospectus Department, One Madison Avenue, New York, NY 10010,
e-mail:; Deutsche Bank
Securities, 60 Wall Street, New York, NY 10005-2836, Attention:
Prospectus Group, Telephone: (800) 503-4611, Email: or HSBC Securities (USA)
Inc., Attention: Prospectus Department, 452 Fifth Avenue, New
York, NY 10018, telephone: +1 (877) 429-7459, or by emailing:

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or
qualification under the securities laws of any state.

About BlackRock Capital Investment Corporation

BlackRock Capital Investment Corporation is a business
development company that provides debt and equity capital to
middle-market companies.

The Company’s investment objective is to generate both current
income and capital appreciation through debt and equity
investments. The Company invests primarily in middle-market
companies in the form of senior and junior secured and
unsecured debt securities and loans, each of which may include
an equity component, and by making direct preferred, common and
other equity investments in such companies.

Forward-looking statements

This press release, and other statements that BlackRock Capital
Investment Corporation may make, may contain forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act, with respect to BlackRock Capital
Investment Corporation’s future financial or business
performance, strategies or expectations. Forward-looking
statements are typically identified by words or phrases such as
“trend,” “potential,” “opportunity,” “pipeline,” “believe,”
“comfortable,” “expect,” “anticipate,” “current,” “intention,”
“estimate,” “position,” “assume,” “outlook,” “continue,”
“remain,” “maintain,” “sustain,” “seek,” “achieve,” and similar
expressions, or future or conditional verbs such as “will,”
“would,” “should,” “could,” “may” or similar expressions.

BlackRock Capital Investment Corporation cautions that
forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which may change over time.
Forward-looking statements speak only as of the date they are
made, and BlackRock Capital Investment Corporation assumes no
duty to and does not undertake to update forward-looking
statements. Actual results could differ materially from those
anticipated in forward-looking statements and future results
could differ materially from historical performance.

In addition to factors previously disclosed in BlackRock
Capital Investment Corporation’s SEC reports and those
identified elsewhere in this press release, the following
factors, among others, could cause actual results to differ
materially from forward-looking statements or historical
performance: (1) our future operating results; (2) our business
prospects and the prospects of our portfolio companies; (3) the
impact of investments that we expect to make; (4) our
contractual arrangements and relationships with third parties;
(5) the dependence of our future success on the general economy
and its impact on the industries in which we invest; (6) the
financial condition of and ability of our current and
prospective portfolio companies to achieve their objectives;
(7) our expected financings and investments; (8) the adequacy
of our cash resources and working capital, including our
ability to obtain continued financing on favorable terms; (9)
the timing of cash flows, if any, from the operations of our
portfolio companies; (10) the impact of increased competition;
(11) the ability of our investment advisor to locate suitable
investments for us and to monitor and administer our
investments; (12) potential conflicts of interest in the
allocation of opportunities between us and other investment
funds managed by our investment advisor or its affiliates; (13)
the ability of our investment advisor to attract and retain
highly talented professionals; (14) changes in law and policy
accompanying the new administration and uncertainty pending any
such changes; (15) increased geopolitical unrest, terrorist
attacks or acts of war, which may adversely affect the general
economy, domestic and local financial and capital markets, or
the specific industries of our portfolio companies; (16)
changes and volatility in political, economic or industry
conditions, the interest rate environment, foreign exchange
rates or financial and capital markets; (17) the unfavorable
resolution of legal proceedings; and (18) the impact of changes
to tax legislation and, generally, our tax position.

BlackRock Capital Investment Corporation’s Annual Report on
Form 10-K for the year ended December 31, 2016, filed with the
SEC identifies additional factors that can affect
forward-looking statements.

Available Information

BlackRock Capital Investment Corporation’s filings with the
SEC, press releases, earnings releases and other financial
information are available on its website at The
information contained on our website is not a part of this
press release.

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SOURCE: BlackRock Capital Investment Corporation

BlackRock Capital Investment Corporation
Nik Singhal, 212-810-5427
Brian Beades, 212-810-5596

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