Carlyle Secured Lending, Inc. Prices Public Offering of $300 Million 6.750% Unsecured Notes Due 2030
Carlyle Secured Lending, Inc. (Nasdaq: CGBD) has priced a $300 million public offering of 6.750% unsecured notes due 2030. The notes will mature on February 18, 2030, with an option for early redemption. The offering is expected to close on October 18, 2024. The company plans to use the net proceeds to repay outstanding debt, including approximately $190 million in maturing notes, fund new investments, and for general corporate purposes.
Several major financial institutions are acting as joint book-running managers and co-managers for this offering. The company has filed a shelf registration statement with the SEC, and investors are advised to carefully review the pricing term sheet, preliminary prospectus supplement, and accompanying prospectus before investing.
Carlyle Secured Lending, Inc. (Nasdaq: CGBD) ha fissato il prezzo per un offerta pubblica di 300 milioni di dollari di note non garantite con un tasso del 6,750%, in scadenza nel 2030. Le note scadranno il 18 febbraio 2030, con opzione di rimborso anticipato. Si prevede che l'offerta si chiuda il 18 ottobre 2024. L'azienda intende utilizzare il netto ricavato per estinguere debiti in essere, compresi circa 190 milioni di dollari di note in scadenza, finanziare nuovi investimenti e per scopi aziendali generali.
Numerose importanti istituzioni finanziarie stanno agendo come gestori di libro in joint venture e co-gestori per questa offerta. L'azienda ha presentato una dichiarazione di registrazione
Carlyle Secured Lending, Inc. (Nasdaq: CGBD) ha fijado el precio de una oferta pública de $300 millones de notas no garantizadas con un interés del 6,750% que vencerán en 2030. Las notas vencerán el 18 de febrero de 2030, con una opción de redención anticipada. Se espera que la oferta se cierre el 18 de octubre de 2024. La compañía planea usar los ingresos netos para pagar deudas pendientes, incluyendo aproximadamente $190 millones en notas que están por vencer, financiar nuevas inversiones y para fines corporativos generales.
Varias instituciones financieras importantes están actuando como gerentes conjuntos y co-gestores para esta oferta. La compañía ha presentado una declaración de registro ante la SEC, y se aconseja a los inversores que revisen cuidadosamente la hoja de términos de precios, el prospecto preliminar y el prospecto adjunto antes de invertir.
Carlyle Secured Lending, Inc. (Nasdaq: CGBD)는 6.750% 무담보 채권의 3억 달러 공개 모집 가격을 책정했습니다. 이 채권은 2030년 2월 18일 만료되며, 조기 상환 옵션이 있습니다. 모집은 2024년 10월 18일에 마감될 것으로 예상됩니다. 회사는 순이익을 사용하여 미상환 채무를 상환할 계획입니다, 여기에는 만료 예정인 채권 약 1억 9천만 달러도 포함되며, 신규 투자 자금을 조달하고 일반 기업 용도로 사용합니다.
여러 주요 금융 기관이 이 모집의 공동 북마운팅 관리자 및 공동 관리자로 활동하고 있습니다. 회사는 SEC에 선반 등록 성명을 제출했으며, 투자자는 투자 전에 가격 조건 시트, 예비 투자 설명서 및 부속 설명서를 신중히 검토해야 합니다.
Carlyle Secured Lending, Inc. (Nasdaq: CGBD) a fixé le prix d'une émission publique de 300 millions de dollars d'obligations non garanties à un taux de 6,750% arrivant à échéance en 2030. Les obligations arriveront à échéance le 18 février 2030, avec une option de remboursement anticipé. L'émission devrait se clôturer le 18 octobre 2024. La société prévoit d'utiliser le produit net pour rembourser des dettes en cours, y compris environ 190 millions de dollars d'obligations arrivant à échéance, financer de nouveaux investissements et pour des besoins d'entreprise généraux.
Plusieurs grandes institutions financières agissent comme co-managers et gestionnaires principaux pour cette émission. La société a déposé une déclaration d'enregistrement auprès de la SEC, et il est conseillé aux investisseurs de bien examiner la feuille de conditions de prix, le pré-prospectus et le prospectus accompagnant avant d'investir.
Carlyle Secured Lending, Inc. (Nasdaq: CGBD) hat eine öffentliche Anleihe mit einem Volumen von 300 Millionen Dollar zu 6,750% unverzinslichen Anleihen mit Fälligkeit im Jahr 2030 bepreist. Die Anleihen laufen am 18. Februar 2030 aus, mit einer Option auf vorzeitige Rückzahlung. Der Abschluss der Platzierung wird für den 18. Oktober 2024 erwartet. Das Unternehmen plant, die Nettomittel zur Rückzahlung ausstehender Schulden zu verwenden, einschließlich etwa 190 Millionen Dollar an ablaufenden Anleihen, zur Finanzierung neuer Investitionen sowie für allgemeine Unternehmenszwecke.
Mehrere bedeutende Finanzinstitutionen treten als gemeinsame Buchführer und Mit-Manager für dieses Angebot auf. Das Unternehmen hat eine Registrierungsanmeldung bei der SEC eingereicht, und den Investoren wird geraten, das Preisinformationblatt, den vorläufigen Prospekt und den begleitenden Prospekt vor einer Investition sorgfältig zu überprüfen.
- Successful pricing of $300 million unsecured notes offering
- Proceeds to be used for debt repayment and new investment opportunities
- Strong support from major financial institutions as underwriters
- Increase in long-term debt with 6.750% interest rate
- Potential dilution of shareholder value due to new debt issuance
Insights
Carlyle Secured Lending's
The extended maturity to 2030 provides long-term stability but at a higher cost. This could pressure net interest margins in the near term. However, the additional capital beyond refinancing needs (
Investors should note the strong underwriting syndicate, indicating market confidence. The impact on CGBD's balance sheet and income statement will be important to monitor in upcoming quarters, particularly how efficiently they utilize the new capital for growth versus the increased interest burden.
This debt offering by Carlyle Secured Lending (CGBD) reflects broader trends in the business development company (BDC) sector. With a market cap of
The refinancing of lower-rate debt suggests CGBD is proactively managing its liability structure, albeit at a higher cost. This move could be seen as defensive, securing longer-term funding in an uncertain rate environment. The additional capital for new investments is important in the competitive BDC landscape, where loan origination and portfolio growth are key drivers of shareholder returns.
Investors should compare this offering to peers to gauge CGBD's positioning and cost of capital within the industry. The market's reception to this offering could influence other BDCs' funding strategies and impact sector-wide valuation metrics.
NEW YORK, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Carlyle Secured Lending, Inc. (Nasdaq: CGBD) (the "Company") today announced that it has priced an underwritten public offering of
The Company intends to use the net proceeds from this offering to repay the Company’s outstanding debt including the revolving credit facility, the Company’s
J.P. Morgan, Barclays, BofA Securities, Morgan Stanley, Citigroup, Deutsche Bank Securities, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and R. Seelaus & Co., LLC are acting as joint book-running managers for this offering. ICBC Standard Bank, TCG Capital Markets L.L.C., B. Riley Securities, Keefe, Bruyette & Woods, A Stifel Company and Raymond James are acting as co-managers for this offering.
Investors are advised to carefully consider the investment objectives, risks and charges and expenses of the Company before investing. The pricing term sheet dated October 10, 2024, preliminary prospectus supplement, dated October 10, 2024, and the accompanying prospectus, dated April 29, 2024, each of which has been filed with the U.S. Securities and Exchange Commission (the "SEC"), contain a description of these matters and other information about the Company and should be read carefully before investing.
The Company’s shelf registration statement is on file with the SEC and is effective. The offering is being made solely by means of a preliminary prospectus supplement and an accompanying prospectus, which may be obtained for free by visiting the SEC’s website at www.sec.gov or from J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Attn: Investment Grade Syndicate Desk, facsimile: 212-834-6081; or Barclays Capital Inc., Attention: Syndicate Registration, 745 Seventh Avenue, New York, New York 10019, telephone: 1-888-603-5847; or BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, North Carolina 28255-0001, Attn: Prospectus Department, or by calling 1-800-294-1322; or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attn: Prospectus Department, or by calling 1-866-718-1649.
The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may change. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus, and this press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Carlyle Secured Lending: Carlyle Secured Lending, Inc. is a closed-end, non-diversified and externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Our objective is to generate current income and capital appreciation by sourcing and providing senior secured debt investments to U.S. companies in the middle market that are generally backed by private equity sponsors. The Company is managed by Carlyle Global Credit Investment Management L.L.C., an SEC-registered investment adviser and a wholly owned subsidiary of The Carlyle Group Inc (“Carlyle”). We derive significant benefit from our ability access and leverage Carlyle's significant scale, vast resources and world-class talent.
About Carlyle: Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With
Forward-Looking Statements
Statements included herein contain certain “forward-looking statements” within the meaning of the federal securities laws, including statements with regard to the Company’s Notes offering and the anticipated use of the net proceeds of the offering. You can identify these statements by the use of forward-looking terminology such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may,” “plans,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. We believe that it is important to communicate our future expectations to our investors. There may be events in the future, however, that we are not able to predict accurately or control. You should not place undue reliance on these forward-looking statements, which speak only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled “Risk Factors,” “Supplementary Risk Factors” and “Special Note Regarding Forward-Looking Statements” in filings we make with the SEC, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| Contacts: | |
| Investors: | Media: |
| Nishil Mehta | Kristen Greco Ashton |
| +1 (212) 813-4918 publicinvestor@carlylesecuredlending.com | +1 (212) 813-4763 kristen.ashton@carlyle.com |
SOURCE: Carlyle Secured Lending, Inc.
FAQ
What is the interest rate and maturity date of CGBD's new unsecured notes?
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