Solar Capital (SLRC) Prices 6M Offering at $24.40/Share

January 8, 2013 9:38 AM EST
Solar Capital Ltd. (Nasdaq: SLRC)has priced a public offering of 6,000,000 shares of its common stock at a public offering price of $24.40 per share for total gross proceeds of $146.4 million. The closing of the offering is subject to customary closing conditions and is expected to take place on January 11, 2013. In connection with the offering, the Company has granted the underwriters for the offering a 30-day option to purchase up to an additional 900,000 shares of common stock.

The Company intends to use the net proceeds from this offering to pay down outstanding indebtedness under its revolving credit facilities, and for general corporate purposes, including working capital requirements. However, through reborrowing under its revolving credit facilities, the Company intends to make investments in debt or equity securities consistent with its investment objective and other general corporate purposes.

Citigroup, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan, Morgan Stanley and Wells Fargo Securities are acting as joint book-runners for this offering. The lead manager is SunTrust Robinson Humphrey, the senior co-managers are BMO Capital Markets and RBC Capital Markets, and the co-managers are BB&T Capital Markets and Ladenburg Thalmann & Co. Inc.

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