THL Credit (NASDAQ: TCRD ) stands to gross nearly $100 million in new financing if a fresh stock offering goes as planned. The company announced it's floating 6.6 million shares of its common stock at $14.62 apiece in an underwritten public offering. Additionally, its underwriters have been granted a 30-day purchase option for up to an additional 990,000 shares.
THL Credit said it expects the issue to raise around $96.5 million in gross proceeds. The company expects to use its share of to retire debt drawn from its revolving credit facility and for "general corporate purposes," which include working capital requirements.
The joint book-running managers of the issue are Bank of America's (NYSE: BAC ) Merrill Lynch, Citigroup, Credit Suisse (NYSE: CS ) , and Barclay's (NYSE: BCS ) . The offering is expected to close on or about June 24.
At the end of its Q1, THL Credit had 26.3 million shares outstanding. Its stock currently trades at $14.66 per share.