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

  • 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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  • Stellus Capital Investment Corporation (NYSE: SCM)

    BB&T Capital Markets’ Financial Services Group, serving as a co-manager, completed a retail notes “baby bond” offering for Stellus Capital Investment Corporation, in the third quarter of 2017. The underwriters helped to raise $42,500,000 in gross proceeds for our client. The notes will trade under the symbol of SCA, pay an annual interest rate of 5.750%, and mature in 5 years.

    SCM intends to use the net proceeds from this offering to redeem its outstanding indebtedness under its 6.500% notes due in 2019. Total gross proceeds includes the exercise of the underwriters’ 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 $57,500,000 in gross proceeds for our client. The notes will trade under the symbol of KCAPL, pay an annual interest rate of 6.125%, and mature in 5 years.

    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, and possibly to redeem a portion of its outstanding indebtedness under its 7.375% notes maturing in 2019. Total gross proceeds includes the exercise of the underwriters’ 30-day over-allotment option.

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  • Eagle Point Credit Company, Inc. (NYSE: ECC)

    BB&T Capital Markets’ Financial Services Group completed a retail notes “baby bond” offering for Eagle Point Credit Company, Inc., in the third quarter of 2017, helping to raise $31,625,000 in gross proceeds for our client. The notes pay an annual interest rate of 6.750%, and mature in 10 years.

    Eagle Point Credit Company, Inc. intends to use the net proceeds for investments in accordance with its investment objectives and strategies, to make distributions to the stockholders, and for general corporate purposes. Total gross proceeds includes the exercise of the underwriters’ 30-day over-allotment option.

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  • TriplePoint Venture Growth BDC Corp. (NYSE: TPVG)

    BB&T Capital Markets’ Financial Services Group completed a retail notes transaction for Triple Point Venture Growth BDC Corp., a Business Development Company (“BDC”), in the third quarter of 2017, helping to raise $65,000,000 in gross proceeds for our client. The notes will trade on the NYSE under the ticker “TPVY”. The notes pay an annual interest rate of 5.75% and mature in 5 years.

    TPVG intends to use the net proceeds to redeem all of its outstanding 2020 Notes, and to repay borrowings under its credit facility with any remaining net proceeds.

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  • Fidus Investment Corporation (Nasdaq: FDUS)

    BB&T Capital Markets’ Financial Services Group completed a transaction for Fidus Investment Corporation, a Business Development Company (BDC), in the second quarter of 2017, helping to raise $29,400,000 in gross proceeds for our client. Fidus Investment Corporation intends to use the net proceeds to make investments in lower middle market companies in accordance with our investment objective and strategies and for working capital and general corporate purposes.

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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.

Bank Consolidation

Jake Savage and
David Wojdlya
Senior Managing Director and Managing DirectorFinancial Services GroupPlay the Video