BB&T Capital Markets Serves as a Co-Manager on Harvest Capital Credit Corporation’s Retail Notes Offering
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.
About the Companies
Harvest Capital Credit Corporation provides customized financing solutions to privately held small and mid-sized companies in the U.S., generally targeting companies with annual revenues of less than $100 million and annual EBITDA of less than $15 million. The Company’s investment objective is to generate both current income and capital appreciation primarily by making direct investments in the form of subordinated debt, senior debt, and, to a lesser extent, minority equity investments.
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.