Financial Services Group

The BB&T Capital Markets Financial Services Group provides community banks & thrifts, business development companies and other specialty finance companies with a full range of capabilities and services, including public and private equity and debt origination and issuance, buy- and sell-side merger & acquisition advisory, fairness opinions, valuations and other advisory services.

While much of our business is focused on middle-market clients, our extensive service platform regularly participates in transactions with some of the nation’s largest financial institutions.

 

Our Financial Services team raised more than $1.5 billion for business development groups and advised five banks on M&A transactions in a recent 12-month span

  • Main Street Capital Corporation (NYSE: MAIN)

    On April 17, 2019, BB&T Capital Markets served as a joint-bookrunner for Main Street Capital Corporation’s $250 million 5.20% notes due 2024 (NYSE: MAIN).

    The Company intends to use the net proceeds from this offering to initially repay indebtedness, and then to make investments in accordance with its investment objective and strategies, and for general corporate purposes.

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  • OFS Credit Company, Inc. (NASDAQ: OCCI)

    On March 19th, 2019, BB&T Capital Markets served as a joint-bookrunner for OFS Credit Company, Inc.’s issuance of $20,000,000 million 6.875% term preferred stock due 2024 (NASDAQ: OCCIP).

    The Company intends to use the net proceeds from this transaction to acquire investments in accordance with its investment objectives and strategies, and for general working capital purposes.

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  • Stellus Investment Corporation (NYSE:SCM)

    On March 15th, 2019, BB&T Capital Markets served as a co-manager for Stellus Capital Investment Corporation’s $39,682,500 follow-on offering.

    The Company intends to use the net proceeds from this transaction to repay indebtedness under its credit facility, for general corporate purposes, which may include investing in debt or equity securities, and working capital requirements.

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  • Priority Income Fund Inc. (NYSE: PRIFC)

    On February 22nd, 2019, BB&T Capital Markets served as a joint-bookrunner for Priority Income Fund Inc.’s issuance of $40.25 million Series C term preferred stock due 2024 (NYSE: PRIFC).

    The Company intends to use the net proceeds from this transaction to make investments in accordance with its investment strategies and objective, and for general corporate purposes.

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  • Saratoga Investment Corporation (NYSE: SAR)

    On February 5th, 2019, BB&T Capital Markets served as a joint-bookrunner for Saratoga Investment Corporation’s issuance of $17.5 million additional unsecured notes due 2025 (NYSE: SAF).

    The Company intends to use the net proceeds from this transaction to make investments in accordance with its investment strategies and objective, and for general corporate purposes.

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  • Fidus Investment Corporation (Nasdaq: FDUS)

    On February 5, 2019, BB&T Capital Markets served as a co-lead manager for Fidus Investment Corporation’s issuance of $60 million unsecured notes due 2024 (NASDAQ: FDUSZ).

    The Company intends to use the net proceeds from this transaction to repay indebtedness under its credit facility, and may re-borrow to fund additional investments according to its investment strategies and objectives.

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  • Eagle Point Credit Company (NYSE: ECC)

    BB&T Capital Markets’ Financial Services Group, serving as a lead manager, completed an unsecured notes “baby bond” offering for Eagle Point Credit Company in the second quarter of 2018. The underwriters helped to raise $60,000,000 in gross proceeds for our client. The Company has applied for the notes to trade on the NYSE, under the symbol “ECCX”.

    ECC intends to use the net proceeds from this transaction to redeem the Company’s unsecured notes due 2020, to acquire investments according to the Company’s investment objectives and strategies, to make distributions, and for general corporate purposes. The Company has granted the underwriters a 30-day option to purchase additional notes in an aggregate principal amount of $9,000,000 to cover over-allotments.

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  • The Hartford Financial Services Group, Inc. (NYSE: HIG)

    On March 13, 2018, BB&T Capital Markets served as a co-manager for an offering of $500 million 4.400% senior notes due 2048 by The Hartford Financial Services Group, Inc.

    Proceeds from the offering are being used to repay existing indebtedness and for general corporate purposes.

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  • Newtek Business Services Corporation (Nasdaq: NEWT)

    BB&T Capital Markets’ Financial Services Group, serving as a co-manager, completed an unsecured notes “baby bond” offering for Newtek Business Services Corporation in the first quarter of 2018. The underwriters helped to raise $57,500,000 in gross proceeds for our client. The Company has applied for the notes to trade on the Nasdaq, under the symbol “NEWTI”.

    NEWT intends to use the net proceeds from this transaction to redeem the outstanding 7.00% notes maturing 2021, to increase its SBA 7(a) lending activity, and make direct investments in its portfolio companies. Total gross proceeds includes the full exercise of the underwriters’ 30-day over-allotment option.

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  • Fidus Investment Corporation (Nasdaq: FDUS)

    BB&T Capital Markets’ Financial Services Group, serving as a co-manager, completed an unsecured notes “baby bond” offering for Fidus Investment Corporation in the first quarter of 2018. The underwriters helped to raise $43,478,275 in gross proceeds for our client. The company has applied for the notes to trade on the Nasdaq, under the symbol “FDUSL”.

    FDUS intends to use the net proceeds from this transaction to repay indebtedness under its existing credit facility, and may re-borrow under the facility to make investments in lower middle-market companies, for working capital, and for general corporate purposes. Total gross proceeds does not include the exercise of the underwriters’ 30-day over-allotment option.

     

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  • MVC Capital, Inc. (NYSE: MVC)

    BB&T Capital Markets’ Financial Services Group, serving as a joint-bookrunner, completed an unsecured notes offering for MVC Capital, Inc. in the fourth quarter of 2017. The underwriters helped to raise $100,000,000 in gross proceeds for our client. The notes are anticipated to trade under the symbol MVCD, will pay an annual interest rate of 6.250%, and mature in 2022.

    MVC Capital, Inc. intends to use the net proceeds from this transaction to redeem its outstanding 7.250% notes due 2023. The Company has granted the underwriters a 30-day option to purchase additional notes in an aggregate principal amount of $15,000,000 to cover over-allotments.

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  • Horizon Technology Finance Corporation (NASDAQ: HRZN)

    BB&T Capital Markets’ Financial Services Group, serving as a co-manager, completed a retail notes “baby bond” offering for Horizon Technology Finance Corporation, in the third quarter of 2017. The underwriters helped to raise $32,500,000 in gross proceeds for our client. The notes will trade under the symbol of HTFA, pay an annual interest rate of 6.250%, and mature in 5 years.

    HRZN intends to use the net proceeds from this offering to redeem its outstanding indebtedness under its 7.375% notes due in 2019, and for general corporate purposes. The Company has granted the underwriters a 30-day over-allotment option.

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  • Gladstone Capital Corporation (NASDAQ: GLAD)

    BB&T Capital Markets’ Financial Services Group, serving as a co-manager, completed a preferred stock offering for Gladstone Capital Corporation in the third quarter of 2017. The underwriters helped to raise $51,800,000 in gross proceeds for our client. The preferred stock is anticipated to trade under the symbol GLADN, will pay an annual dividend rate of 6.000%, and mature in 2024.

    GLAD intends to use the net proceeds from this transaction to redeem its outstanding 6.750% term preferred stock due in 2021. Total gross proceeds includes the exercise of the underwriter’s 30-day over-allotment option.

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  • KCAP Financial, Inc. (NASDAQ: KCAP)

    BB&T Capital Markets’ Financial Services Group, serving as a co-manager, completed a retail notes “baby bond” offering for KCAP Financial, Inc. in the third quarter of 2017. The underwriters helped to raise $17,500,000 in gross proceeds for our client. The notes will trade under the symbol of KCAPL, with the existing 6.125% notes due 2022, which were initially announced in August 2017.

    KCAP intends to use the net proceeds from this transaction for general corporate purposes, which includes investing in portfolio companies in accordance its investment objectives and strategies. The Company has granted the underwriters a 30-day over-allotment option.

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  • Harvest Capital Corporation (NASDAQ: HCAP)

    BB&T Capital Markets’ Financial Services Group, serving as a co-manager, completed a retail notes “baby bond” offering for Harvest Capital Credit Corporation, in the third quarter of 2017. The underwriters helped to raise $25,000,000 in gross proceeds for our client. The notes will trade under the symbol of HACR, pay an annual interest rate of 6.125%, and mature in 5 years.

    HCAP intends to use the net proceeds from this offering to redeem its outstanding indebtedness under its 7.000% notes due in 2020, and for general corporate purposes. The Company has granted the underwriters a 30-day over-allotment option.

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Our Areas of Expertise

Business Development Companies (BDCs)

Our group includes investment bankers involved with the industry since inception, knowledgeable retail and institutional brokers, bank lending, and industry-leading research coverage

Community Banks & Thrifts

We provide regulated financial institutions with a full suite of products and services, including equity and debt capital raising and merger and acquisition advisory, complemented by industry-leading community bank equity research and sales & trading.

Specialty Finance

Our commitment to specialty sectors includes, but is not limited to, insurance brokers, underwriters and service providers; specialty lenders; mortgage companies and financial management firms.