Trinity Capital Inc. Announces Closing of $50.0 Million Public Offering of Its 7.00% Notes Due 2025
PHOENIX, July 25, 2022 /PRNewswire/ — Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity” or the “Company”), a leading provider of debt financing and equipment to capital-backed, growth-stage companies -risk, announced today the closing of its public offering subscribed for an additional $50.0 million an aggregate principal amount of 7.00% Notes due 2025 (the “Notes”) on July 22, 2022. The Notes were issued at 99.52% of the Principal Amount per Note. As part of the offering, Trinity has granted the underwriters a 30-day option to purchase additional notes in an amount of up to $7.5 million.
The Notes are a supplemental issue of the 7.00% Notes due 2025 that Trinity issued on January 16, 2020for an aggregate principal amount of $125.0 million (the “Existing Securities”). The Notes will be treated as a single series with the Existing Notes under the Indenture and will have the same terms as the Existing Notes. The Notes will have the same CUSIP number and will be fungible and rank pari passu with the Existing Notes. The aggregate principal amount outstanding of the Trinity 7.00% Notes due 2025 is $175.0 million ($182.5 million if the Underwriters fully exercise the Over-Allotment Option to purchase additional Notes). The Notes, along with the Existing Notes, are expected to trade on the Nasdaq Global Select Market within 30 days of closing.
Trinity received the net proceeds of the offering of approximately $48.0 million after deducting underwriting discounts and commissions and estimated offering expenses (excluding any reimbursement of expenses by underwriters), which it intends to use to repay its existing debt under its agreement with KeyBank, National Association, to make investments in accordance with its investment objective and strategy and for general corporate purposes.
Keefe, Bruyette & Woods, Inc., A Stifel Company and UBS Securities LLC are acting as joint bookrunners for this offering. Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are acting as co-managers of this offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, and there will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be illegal prior to registration. or qualification under the securities laws of such state or other jurisdiction.
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. future performance or results and involve a number of risks and uncertainties, including the impact of the COVID-19 pandemic on the economy, financial markets, our business, our portfolio companies and our industry. Actual results may differ materially from those in forward-looking statements due to a number of factors, including those described from time to time in documents filed with the Securities and Exchange Commission. Trinity assumes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.
About Trinity Capital Inc.
Trinity (Nasdaq:TRIN), an internally managed specialty lending company that has elected to be regulated as a business development company under the Investment Companies Act of 1940, as amended, is the a leading provider of debt, including loans and equipment financing, for growing stage companies, including venture-backed companies and companies with institutional investors. Trinity’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments consisting primarily of term loans and equipment financings and, to a lesser extent, loans working capital, equity and equity-linked investments. Trinity believes they are one of the only select groups of specialist lenders with the knowledge, experience and track record in growth stage business lending.
SOURCE Trinity Capital Inc.