Trinity Capital Inc. Prices Offering of $300.0 Million of 7.0% Notes due 2031

Rhea-AI Summary

Trinity Capital (Nasdaq: TRIN) priced an underwritten public offering of $300 million in aggregate principal amount of 7.0% unsecured notes due 2031.

The notes mature on May 21, 2031, pay interest semiannually from November 21, 2026, and are expected to close on May 21, 2026, with net proceeds intended to repay KeyBank Credit Facility debt.

Positive

• Raises $300 million of 7.0% unsecured notes due 2031
• Net proceeds intended to repay KeyBank Credit Facility indebtedness

Negative

• New 7.0% notes create additional interest obligations through 2031
• Offering closing remains subject to customary conditions

News Market Reaction – TRIN

+1.69%

+1.69% Session close to close

In the May 20 session, TRIN gained 1.69%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details a $300.0 million underwritten public offering of 7.0% unsecured notes matu...

Analysis

This announcement details a $300.0 million underwritten public offering of 7.0% unsecured notes maturing on May 21, 2031, with interest payable semiannually starting November 21, 2026. Net proceeds are earmarked to repay borrowings under the KeyBank Credit Facility. In context of recent growth financings and an SBIC license, investors may track how this additional debt, its terms, and subsequent filings shape Trinity Capital’s leverage profile and funding capacity over time.

Key Figures

Notes offering size: $300.0 million Coupon rate: 7.0% per year Maturity date: May 21, 2031 +2 more

5 metrics

Notes offering size $300.0 million Aggregate principal amount of 7.0% notes due 2031

Coupon rate 7.0% per year Interest rate on notes, payable semiannually

Maturity date May 21, 2031 Stated maturity of the notes

First interest payment November 21, 2026 Semiannual interest payments commence

Expected closing date May 21, 2026 Offering subject to customary closing conditions

Historical Context

5 past events · Latest: May 06 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 06	Q1 2026 earnings	Positive	+1.8%	Reported higher investment income, strong NII and ROAE with declared dividends.
May 05	Credit facility news	Positive	+0.9%	Participation in expanded Parafin warehouse facility enhancing lending exposure.
May 04	SBIC license update	Positive	+1.1%	New SBIC license expanding access to SBA‑guaranteed debentures and fund capacity.
Apr 30	Equipment financing deal	Positive	+2.7%	Committed up to $35M in equipment financing to support Torus facility expansion.
Apr 28	Growth capital deal	Positive	+1.7%	Provided $30M growth capital to Iantrek to fund commercial expansion and pipeline.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news and earnings have generally been followed by modest positive price reactions.

Recent Company History

Over the last few weeks, Trinity Capital reported strong Q1 2026 results with higher investment income and net investment income, plus declared monthly dividends of $0.17. It added growth assets via equipment and growth financings of $35 million and $30 million, and its SBIC platform expanded with a new license and access to SBA‑guaranteed debentures. These events all saw positive one‑day reactions between roughly 0.9% and 2.7%, framing today’s note offering against a backdrop of constructive prior news flow.

Key Terms

underwritten public offering, notes, make whole premium, unsecured, +4 more

8 terms

underwritten public offering financial

"today announced that it has priced an underwritten public offering of $300.0 million"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

notes financial

"aggregate principal amount of 7.0% notes due 2031 (the "Notes"). The Notes will mature"

Notes are written promises issued by a company or government to borrow money for a defined period, typically paying interest and returning the principal at maturity; they are essentially formal IOUs used to raise short- to medium-term funding. For investors, notes matter because they provide a predictable stream of income and carry credit and timing risk—like lending cash to someone with a set payback date—so their yield, repayment terms and issuer strength determine potential return and safety.

make whole premium financial

"at the Company's option at par, plus a "make whole" premium, if applicable."

A make whole premium is a one-time payment an issuer must give bondholders when it repays a bond before its scheduled maturity to compensate for lost future interest; think of it as paying the remaining expected interest in today’s dollars so investors are ‘made whole.’ For investors, it matters because it protects expected returns on callable or early-redeemable debt and affects the effective yield and price sensitivity of those bonds.

unsecured financial

"The Notes are unsecured and bear interest at a rate of 7.0% per year"

Unsecured describes a loan, bond, or claim that is not backed by specific assets or collateral; if the borrower fails to pay, creditors must rely on the borrower’s general promise rather than seizing a pledged asset. For investors this usually means higher risk and potentially higher yield, because unsecured holders stand behind secured creditors in repayment priority—think of lending money to someone without a pledged item to repossess if they don’t pay.

prospectus supplement regulatory

"The preliminary prospectus supplement dated May 19, 2026 and the accompanying prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

base prospectus regulatory

"has filed a shelf registration statement (including a base prospectus) with the SEC"

A base prospectus is a detailed document that provides essential information about a financial offering, such as a bond or share issue. It acts like a comprehensive guide for investors, explaining what the investment involves, the risks involved, and how the process works. This helps investors make informed decisions before committing their money.

shelf registration statement regulatory

"Trinity Capital has filed a shelf registration statement (including a base prospectus) with the SEC"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

EDGAR regulatory

"You may obtain these documents for free by visiting EDGAR on the SEC Web site"

EDGAR is a system used by companies to share important financial and business information with the public. It functions like an online filing cabinet where investors can access official reports and documents that help them understand a company's financial health and operations. This transparency allows investors to make more informed decisions, much like checking a company's report card before investing.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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PHOENIX, May 19, 2026 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (the "Company"), a leading alternative asset manager, today announced that it has priced an underwritten public offering of $300.0 million in aggregate principal amount of 7.0% notes due 2031 (the "Notes").

The Notes will mature on May 21, 2031 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 are unsecured and bear interest at a rate of 7.0% per year, payable semiannually commencing on November 21, 2026.

The offering is subject to customary closing conditions and is expected to close on May 21, 2026.

The Company intends to use the net proceeds from the offering to pay down a portion of our existing indebtedness outstanding under the KeyBank Credit Facility.

Keefe, Bruyette & Woods, A Stifel Company, and MUFG Securities Americas Inc. are acting as joint book-running managers for the offering.

Investors are advised to carefully consider the investment objectives, risks and charges and expenses of Trinity Capital before investing. The preliminary prospectus supplement dated May 19, 2026 and the accompanying prospectus dated August 11, 2025, each of which has been filed with the Securities and Exchange Commission ("SEC"), contain a description of these matters and other important information about Trinity Capital and should be read carefully before investing.

Trinity Capital has filed a shelf registration statement (including a base prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the base prospectus in that registration statement, the preliminary prospectus supplement and the documents incorporated by reference therein, which Trinity Capital has filed with the SEC, for more complete information about Trinity Capital and the offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Trinity Capital, any underwriter or any dealer participating in the offering will arrange to send you the preliminary prospectus supplement if you request it from Keefe, Bruyette & Woods, Inc., 787 7th Avenue, 4th Floor, New York, New York 10019, Attn: Equity Syndicate, by telephone at 1 (800) 966-1559, or from MUFG Securities Americas Inc., 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, by telephone at 1 (877) 649-6848.

The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The preliminary prospectus supplement, the accompanying prospectus and this press release do not constitute an offer to sell or the solicitation of offers to buy, nor will there be any sale of the Notes 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.

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies. With five distinct business verticals — Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences — Trinity Capital stands as a long-term trusted partner for innovative companies seeking tailored debt solutions. Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and in London (UK).

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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 risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.

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SOURCE Trinity Capital Inc.

FAQ

What did Trinity Capital (NASDAQ: TRIN) announce on May 19, 2026?

Trinity Capital announced pricing of a $300 million public offering of 7.0% notes due 2031. According to Trinity Capital, the unsecured notes will mature on May 21, 2031, and the transaction is expected to close on May 21, 2026, subject to customary conditions.

What are the key terms of Trinity Capital's 7.0% notes due 2031 (TRIN)?

The notes are unsecured, bear 7.0% annual interest, and mature May 21, 2031. According to Trinity Capital, interest is payable semiannually starting November 21, 2026, and the notes may be redeemed at par plus a make-whole premium, in whole or in part, at the company’s option.

How will Trinity Capital use proceeds from the $300 million notes offering (TRIN)?

Trinity Capital intends to use net proceeds to pay down existing KeyBank Credit Facility debt. According to Trinity Capital, the offering’s primary stated purpose is reducing outstanding indebtedness under that facility, rather than funding new investments or general corporate purposes.

When is the expected closing date of Trinity Capital's 7.0% notes due 2031 offering?

The notes offering is expected to close on May 21, 2026, subject to customary conditions. According to Trinity Capital, completion of the transaction depends on standard closing requirements typically associated with underwritten public securities offerings in the U.S. market.

Are Trinity Capital's 7.0% notes due 2031 callable before maturity?

Yes, the notes may be redeemed at Trinity Capital’s option before maturity. According to Trinity Capital, they can be redeemed in whole or in part at par, plus a make-whole premium if applicable, at any time or from time to time.

Where can investors find the prospectus for Trinity Capital's 7.0% notes (TRIN)?

Investors can access the preliminary prospectus supplement and base prospectus via the SEC’s EDGAR website. According to Trinity Capital, documents related to the offering are filed under its shelf registration statement and can also be requested from the joint book-running managers.