BB&T Capital Markets Serves as a Bookrunner on First Trust Senior Floating Rate 2022 Target Term Fund’s Initial Public Offering
BB&T Capital Markets’ Financial Service Group completed a transaction for First Trust Senior Floating Rate 2022 Target Term Fund in the fourth quarter of 2016, helping to raise $348,000,000 in gross proceeds for our client.
The Fund will invest the net proceeds of the offering in accordance with the Fund's investment objectives and policies. The Fund expects it will be able to invest substantially all of the net proceeds in securities that meet the Fund's investment objectives and policies within 45 to 60 days after completion of the offering. Total gross proceeds includes the partial exercise of the underwriters 45-day option to purchase an additional 4.5mm additional shares to cover over-allotments.
About the Companies
The Fund is a diversified, closed-end management investment company. The Fund’s investment objectives are to seek a high level of current income and to return $9.85 per common share of beneficial interest of the Fund (the original net asset value per share before offering costs) to holders of Common Shares on or about February 1, 2022.
BB&T Capital Markets Financial Services Group has extensive experience providing community banks and thrifts, business development companies, and other specialty finance companies with a full range of public and private capital raising solutions, M&A advisory, fairness opinions and other strategic advisory services.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.