MSC Income Fund Prices Public Offering
MSC Income Fund announced the pricing of its public offering of 5,500,000 shares of common stock at $15.53 per share. The company's shares will begin trading on the NYSE under the symbol 'MSIF' on January 29, 2025. Underwriters have been granted an option to purchase up to 825,000 additional shares to cover overallotments.
The offering is expected to close around January 30, 2025, subject to customary conditions. The net proceeds will initially be used to repay outstanding debt under credit facilities, and through re-borrowing, will fund investments aligned with the company's objectives, cover operating expenses, and support general corporate purposes.
RBC Capital Markets, Truist Securities, Raymond James, UBS Investment Bank, and Keefe, Bruyette & Woods are serving as joint book-running managers, with several other firms acting as co-managers for the offering.
Il Fondo di Reddito MSC ha annunciato la determinazione del prezzo per la sua offerta pubblica di 5.500.000 azioni di azioni ordinarie a $15,53 per azione. Le azioni della società inizieranno a essere scambiate sulla NYSE con il simbolo 'MSIF' dal 29 gennaio 2025. Agli underwriters è stata concessa un'opzione per acquistare fino a 825.000 azioni aggiuntive per coprire eventuali sovrallocazioni.
Si prevede che l'offerta si chiuda intorno al 30 gennaio 2025, soggetta a condizioni di prassi. I proventi netti verranno inizialmente utilizzati per rimborsare il debito in sospeso sotto le linee di credito e, attraverso un nuovo indebitamento, finanziare investimenti allineati con gli obiettivi della società, coprire le spese operative e supportare scopi aziendali generali.
RBC Capital Markets, Truist Securities, Raymond James, UBS Investment Bank e Keefe, Bruyette & Woods stanno fungendo da manager di book-running congiunti, mentre altre aziende stanno agendo come co-manager per l'offerta.
Fondo de Ingresos MSC anunció la fijación del precio de su oferta pública de 5,500,000 acciones de acciones ordinarias a $15.53 por acción. Las acciones de la empresa comenzarán a cotizar en la NYSE bajo el símbolo 'MSIF' el 29 de enero de 2025. A los suscriptores se les ha otorgado una opción para comprar hasta 825,000 acciones adicionales para cubrir sobreasignaciones.
Se espera que la oferta cierre alrededor del 30 de enero de 2025, sujeta a condiciones habituales. Los ingresos netos se utilizarán inicialmente para reembolsar deudas pendientes bajo instalaciones de crédito y, mediante un nuevo endeudamiento, financiarán inversiones alineadas con los objetivos de la empresa, cubrirán gastos operativos y apoyarán propósitos corporativos generales.
RBC Capital Markets, Truist Securities, Raymond James, UBS Investment Bank y Keefe, Bruyette & Woods están actuando como gerentes conjuntos de libro, con varias otras firmas actuando como co-gerentes para la oferta.
MSC 소득 기금이 5,500,000 주의 보통주 공모 가격을 주당 $15.53로 발표했습니다. 이 회사의 주식은 2025년 1월 29일부터 'MSIF' 기호로 NYSE에서 거래를 시작합니다. 인수업체는 추가 할당을 커버하기 위해 825,000 주 추가 구매 옵션이 부여되었습니다.
이번 공모는 일반적인 조건에 따라 2025년 1월 30일경에 마감될 것으로 예상됩니다. 순수익은 처음에 차입금 상환에 사용되고, 재차입을 통해 회사의 목표에 맞는 투자를 지원하며, 운영비를 충당하고 일반 기업 목적을 지원하는 데 사용될 것입니다.
RBC 캐피탈 마켓, 트루이스트 증권, 레이몬드 제임스, UBS 투자은행, 키프, 브리외 & 우드가 공동 북런닝 매니저로 활동하고 있으며, 여러 다른 회사가 공모의 공동 관리자 역할을 하고 있습니다.
Fonds de Revenu MSC a annoncé la fixation du prix de son offre publique de 5 500 000 actions ordinaires à 15,53 $ par action. Les actions de l'entreprise commenceront à être négociées sur le NYSE sous le symbole 'MSIF' à partir du 29 janvier 2025. Les souscripteurs ont reçu une option d'achat allant jusqu'à 825 000 actions supplémentaires pour couvrir les surallocations.
On s'attend à ce que l'offre se clôture vers le 30 janvier 2025, sous réserve de conditions habituelles. Les produits nets seront initialement utilisés pour rembourser la dette en cours dans le cadre des lignes de crédit et, par le biais d'un nouvel emprunt, financeront des investissements alignés sur les objectifs de l'entreprise, couvriront les frais d'exploitation et soutiendront des fins corporatives générales.
RBC Capital Markets, Truist Securities, Raymond James, UBS Investment Bank et Keefe, Bruyette & Woods agissent en tant que co-responsables de l'offre, avec plusieurs autres entreprises agissant comme co-managers pour l'offre.
MSC Einkommensfonds hat die Preisfestsetzung für sein öffentliches Angebot von 5.500.000 Aktien an Stammaktien zu 15,53 $ pro Aktie bekannt gegeben. Die Aktien des Unternehmens werden ab dem 29. Januar 2025 unter dem Symbol 'MSIF' an der NYSE gehandelt. Den Underwritern wurde eine Option eingeräumt, bis zu 825.000 zusätzliche Aktien zur Deckung von Überzeichnungen zu erwerben.
Es wird erwartet, dass das Angebot rund um den 30. Januar 2025 geschlossen wird, vorbehaltlich üblicher Bedingungen. Die Nettoerlöse werden zunächst zur Rückzahlung fälliger Verbindlichkeiten aus Kreditlinien verwendet und werden durch Wiederaufnahmen Investitionen finanzieren, die mit den Zielen des Unternehmens übereinstimmen, Betriebskosten decken und allgemeine Unternehmenszwecke unterstützen.
RBC Capital Markets, Truist Securities, Raymond James, UBS Investment Bank und Keefe, Bruyette & Woods fungieren als gemeinsame Buchführer, wobei mehrere andere Firmen als Co-Manager für das Angebot tätig sind.
- Initial public offering provides new access to capital markets
- NYSE listing enhances visibility and trading liquidity
- Debt reduction through offering proceeds improves financial flexibility
- Potential dilution for existing shareholders
- Additional shares from overallotment option could further increase dilution
- Immediate use of proceeds for debt repayment rather than direct investment opportunities
Insights
The IPO pricing of MSC Income Fund represents a strategic move in the Business Development Company (BDC) sector, with significant implications for Main Street Capital (MAIN) as the external manager. The offering of 5.5M shares at
The involvement of premier underwriters like RBC Capital Markets, Truist Securities and Raymond James signals robust institutional interest and suggests careful price discovery. The immediate debt repayment strategy, followed by reinvestment through credit facilities, indicates a sophisticated capital management approach aimed at optimizing the balance sheet while maintaining investment flexibility.
For MAIN shareholders, this development is particularly noteworthy as it expands their asset management footprint. External management fees from MSC Income Fund will provide an additional revenue stream for MAIN, diversifying income sources beyond their core BDC operations. This could potentially enhance MAIN's earnings stability and growth prospects.
The timing of this IPO is strategic, capitalizing on the current market environment where investors are seeking yield-generating alternatives. The BDC sector's focus on middle-market lending, coupled with typically higher yields than traditional fixed-income investments, positions MSC Income Fund to attract both institutional and retail investors in the current high-interest-rate environment.
MSC Income intends to initially use all of the net proceeds from this offering to repay outstanding debt borrowed under its credit facilities, and then through re-borrowing under the credit facilities, to make investments in accordance with its investment objective and strategies, pay operating expenses and other cash obligations, and for general corporate purposes.
RBC Capital Markets, Truist Securities, Raymond James, UBS Investment Bank and Keefe, Bruyette & Woods, A Stifel Company, are acting as joint book-running managers for the offering. B. Riley Securities, Citizens JMP, Sanders Morris, Clear Street, Comerica Securities, Texas Capital Securities and Zions Capital Markets are acting as co-managers for the offering.
A registration statement relating to these securities was filed with the
Investors are advised to carefully consider the investment objectives, risks and charges and expenses of MSC Income before investing. The preliminary prospectus, dated January 21, 2025, contains this and other information about MSC Income and should be read carefully before investing. The information in the registration statement is not complete and may be changed.
This press release will not constitute an offer to sell or the solicitation of an offer to buy the securities described above nor shall there be any sale of such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to their registration or qualification under the securities laws of any such state or jurisdiction. Offers of these securities are made only by means of the prospectus. The SEC has not approved or disapproved these securities or passed upon the adequacy of the preliminary prospectus. Any representation to the contrary is a criminal offense.
The offering of these securities is being made only by means of a prospectus forming part of the registration statement, copies of which may be obtained, when available, from: RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor,
ABOUT MSC INCOME FUND, INC.
The Company is a principal investment firm that primarily provides debt capital to private companies owned by or in the process of being acquired by a private equity fund and also provides customized long-term debt and equity capital solutions to lower middle market companies. The Company's portfolio investments are typically made to support leveraged buyouts, recapitalizations, growth financings, refinancings and acquisitions of companies that operate in diverse industry sectors. The Company seeks to partner with private equity fund sponsors and primarily invests in secured debt investments within its private loan investment strategy. The Company seeks to partner with entrepreneurs, business owners and management teams and generally provides customized "one-stop" debt and equity financing solutions within its lower middle market investment strategy. The Company's private loan portfolio companies generally have annual revenues between
ABOUT MSC ADVISER I, LLC
MSC Adviser I, LLC is a wholly owned subsidiary of Main Street Capital Corporation (NYSE: MAIN) that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. It currently manages investments for external parties, including the Company.
FORWARD-LOOKING STATEMENTS AND OTHER MATTERS
MSC Income cautions that statements in this press release which are forward-looking and provide other than historical information, including but not limited to information about MSC Income's public offering and the anticipated use of the net proceeds from the offering, are based on current conditions and information available to MSC Income as of the date hereof. Although its management believes that the expectations reflected in those forward-looking statements are reasonable, MSC Income can give no assurance that those expectations will prove to be correct. Those forward-looking statements are made based on various underlying assumptions and are subject to numerous uncertainties and risks, including, without limitation, such factors described under the captions "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included in MSC Income's filings with the SEC (www.sec.gov). All forward-looking statements speak only as of the date of this communication. MSC Income undertakes no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.
Contacts:
MSC Income Fund, Inc.
Dwayne L. Hyzak, CEO, dhyzak@mainstcapital.com
Cory E. Gilbert, CFO, cgilbert@mainstcapital.com
713-350-6000
View original content:https://www.prnewswire.com/news-releases/msc-income-fund-prices-public-offering-302362610.html
SOURCE MSC Income Fund, Inc.
FAQ
What is the price per share for MSC Income Fund's (MSIF) public offering?
How many shares is MSC Income Fund (MSIF) offering in its January 2025 public offering?
When will MSC Income Fund (MSIF) begin trading on the NYSE?
How will MSC Income Fund (MSIF) use the proceeds from its 2025 public offering?
Which investment banks are leading MSC Income Fund's (MSIF) public offering?
