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Saturday, February 19, 2011

TCAP stock sale raises $63M Triangle Capital Corporation

Underwriters conducting a share offering for Raleigh-based Triangle Capital Corp. (NYSE:TCAP) sold over-allotments in the face of investor interest, upping the company’s take in the deal by 15 percent to $63 million.

In all, 3.45 million shares, including the over-allotments, were offered at $19.25 a share.

In a statement on the results, specialty business lender TCAP says it plans to use the proceeds to invest in lower middle market companies and for general corporate purposes.

Underwriters of this offering were Morgan Keegan Robert W. Baird, BB&T Capital Janney Montgomery Scott LLC, and JMP Securities LLC.

Triangle Capital Corporation is a private equity and venture capital firm specializing in buyouts, change of control transactions, acquisitions, growth financing, and recapitalizations in lower middle market companies. The firm prefers to make investments in many business sectors including manufacturing, distribution, transportation, energy, communications, health services, restaurants, and others. It primarily invests in companies located throughout the United States, with an emphasis on the Southeast.

The firm typically invests between $5 million and $15 million per transaction, in companies having annual revenues between $20 million and $100 million and EBITDA between $3 million and $20 million and can also co-invest. It primarily invests in senior subordinated debt securities secured by second lien security interests in portfolio company assets, coupled with equity interests. Triangle Capital Corporation was founded in 2002 and is based in Raleigh, North Carolina.

Disclosure I am Long TCAP shares.

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