Investcorp Credit Management BDC, Inc. Prices Public Offering of $65 Million of 4.875% Notes Due 2026
Investcorp Credit Management BDC, Inc. (NASDAQ: ICMB) announced a public offering of $65 million in principal amount of its 4.875% notes due 2026. The offering, expected to close on March 31, 2021, will yield approximately $63.1 million after underwriting expenses. Proceeds will be used to redeem all outstanding 6.125% Notes due 2023 and to fund investments in middle-market companies. The 2023 Notes have an outstanding amount of $51.4 million and are set to mature on July 1, 2023.
- The offering will reduce future interest expenses by redeeming higher-rate 6.125% Notes.
- Proceeds are intended for investments in middle-market companies, aligning with growth objectives.
- Redemption of 6.125% Notes may create short-term cash flow pressure.
- Potential dilution of shares if new debt impacts equity financing strategy.
NEW YORK, March 24, 2021 /PRNewswire/ -- Investcorp Credit Management BDC, Inc. (formerly CM Finance Inc) (the "Company") (NASDAQ: ICMB) announced today that it has priced a registered public offering of
The Notes will mature on April 1, 2026 and may be redeemed in whole or in part at any time, or from time to time, at the Company's option at par plus a "make-whole" premium, if applicable. The Notes will bear interest at a rate of
The offering is subject to customary closing conditions and is expected to close on March 31, 2021.
The Company intends to use net proceeds from this offering to redeem all of the outstanding
Raymond James & Associates, Inc. is acting as sole book-running manager for the offering.
Investors are advised to carefully consider the investment objective, risks and charges and expenses of the Company before investing. The preliminary prospectus supplement, dated March 24, 2021, and accompanying prospectus, dated April 10, 2019, each of which has been filed with the Securities and Exchange Commission, contain a description of these matters and other important information about the Company and should be read carefully before investing.
The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of these securities or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
A shelf registration statement relating to these securities is on file with and has been declared effective by the Securities and Exchange Commission. The offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained, when available, for free by visiting the SEC's website at www.sec.gov or by contacting Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, email: prospectus@raymondjames.com or by calling 800-248-8863.
About Investcorp Credit Management BDC, Inc.
The Company is an externally-managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company's investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation through debt and related equity investments by targeting investment opportunities with favorable risk-adjusted returns. The Company seeks to invest primarily in middle-market companies that have annual revenues of at least
Forward-Looking Statements
Statements included herein may contain "forward-looking statements," which relate to future performance or financial condition. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission, including the final prospectus supplement that will be filed with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein, except as required by law. All forward-looking statements speak only as of the date of this press release.
CONTACT: | Investcorp Credit Management BDC, Inc. | |
Investor Relations | ||
Email: icmbinvestorrelations@investcorp.com | ||
Phone: 212-257-5182 |
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SOURCE Investcorp Credit Management BDC, Inc.
FAQ
What are the details of the ICMB public offering?
When is the ICMB offering expected to close?
What will ICMB use the proceeds from the notes for?
What is the maturity date of the 2023 Notes that ICMB plans to redeem?
