WOODSIDE, Calif., Nov. 30, 2022 (GLOBE NEWSWIRE) — Runway Development Finance Corp. (the “Firm”) (Nasdaq: RWAY), an externally managed enterprise improvement firm, in the present day introduced that it has priced an underwritten public providing of $45.00 million combination principal quantity of notes due 2027 (the “Notes”), which can end in internet proceeds to the Firm of roughly $43.65 million after cost of underwriting reductions and commissions however earlier than deducting bills payable by the Firm associated to this providing. The Notes will mature on December 31, 2027 and could also be redeemed in complete or partially at any time or once in a while on the Firm’s choice on or after December 31, 2024. The Notes can be issued in denominations of $25 and integral multiples of $25 in extra thereof and can bear curiosity at a price of 8.00% per yr, payable quarterly, with the primary curiosity cost occurring on March 1, 2023. As well as, the Firm has granted the underwriters a 30-day choice to buy as much as a further $6.75 million combination principal quantity of Notes to cowl overallotments, if any.
The providing is predicted to shut on December 7, 2022, topic to customary closing circumstances. The Firm intends to record the Notes on the Nasdaq International Choose Market beneath the image “RWAYZ.”
The Firm intends to make use of the web proceeds from this providing to repay excellent indebtedness beneath its Credit score Settlement with KeyBank Nationwide Affiliation (the “Credit score Facility”). Nevertheless, via re-borrowing of the preliminary repayments beneath the Credit score Facility, the Firm intends to make use of the web proceeds from this providing to make investments in accordance with its funding goal and methods described within the prospectus complement and the accompanying prospectus, to pay working bills and different money obligations, and for normal company functions. As of November 28, 2022, the Firm had $365.0 million of indebtedness excellent beneath the Credit score Facility, which bore curiosity at a price of 6.659% as of such date. The Credit score Facility matures on April 20, 2026.
Oppenheimer & Co. Inc., UBS Securities LLC, B. Riley Securities, Inc. and Ladenburg Thalmann & Co. Inc. are appearing as joint book-running managers of this providing. Compass Level Analysis & Buying and selling, LLC, Janney Montgomery Scott LLC and Hovde Group, LLC are appearing as co-managers of this providing.
Buyers are suggested to fastidiously contemplate the funding goal, dangers, costs and bills of the Firm earlier than investing. The preliminary prospectus complement dated November 30, 2022 and the accompanying base prospectus dated April 22, 2022, which have been filed with the Securities and Alternate Fee (“SEC”), comprise this and different details about the Firm and needs to be learn fastidiously earlier than investing. The knowledge within the preliminary prospectus complement, the accompanying prospectus and this press launch just isn’t full and could also be modified.
A shelf registration assertion relating to those securities is on file with and has been declared efficient by the SEC. The providing could also be made solely by the use of a preliminary prospectus complement and an accompanying prospectus, copies of which can be obtained from Oppenheimer & Co. Inc., 85 Broad Road, 23rd Ground, New York, NY 10004 or by calling (800) 966 1559; copies may be obtained by visiting EDGAR on the SEC’s web site at http://www.sec.gov.
This press launch doesn’t represent a suggestion to promote or the solicitation of a suggestion to purchase the securities on this providing or every other securities nor will there be any sale of those securities or every other securities referred to on this press launch in any state or jurisdiction wherein such provide, solicitation or sale could be illegal previous to the registration or qualification beneath the securities legal guidelines of such state or jurisdiction.
About Runway Development Finance Corp.
Runway Development is a rising specialty finance firm centered on offering versatile capital options to late- and growth-stage corporations searching for a substitute for elevating fairness. Runway Development is a closed-end funding fund that has elected to be regulated as a enterprise improvement firm beneath the Funding Firm Act of 1940. Runway Development is externally managed by Runway Development Capital LLC, a longtime registered funding advisor that was shaped in 2015 and led by business veteran David Spreng. For extra info, please go to www.runwaygrowth.com.
Ahead-Trying Statements
Statements apart from statements of historic info included on this press launch could represent forward-looking statements, together with statements relating to our intentions associated to the providing mentioned on this press launch and the usage of proceeds from the providing, and usually are not ensures of future efficiency, situation or outcomes and contain quite a few dangers and uncertainties. Precise outcomes could differ materially from these within the forward-looking statements because of quite a few elements, together with these described once in a while in Runway Development’s filings with the SEC. Runway Development undertakes no responsibility to replace any forward-looking assertion made herein. All forward-looking statements communicate solely as of the date of this press launch.
IR Contacts:
Stefan Norbom, Prosek Companions, snorbom@prosek.com
Thomas B. Raterman, Chief Monetary Officer and Chief Working Officer, tr@runwaygrowth.com