Raleigh investment firm Triangle Capital Corp. today boosted its ability to make future investments by raising nearly $15 million in a stock offering.
Triangle announced today that its underwriters sold 1.3 million shares of common stock at the previously announced price of $10.42 per share, and also exercised their option for an additional 195,000 shares. After deducting fees and expenses, Triangle Capital received net proceeds of $14.6 million.
The money will be used primarily to make loans in midsize, privately held businesses. Triangle Capital also takes a minority stake in its portfolio companies.
Today's stock sale was the second time this year that the company issued new stock. It received $11.9 million in net proceeds from a secondary stock offering in April.
Triangle Capital shares were trading at $10.70, up 15 cents, mid-afternoon today. Shares have risen five percent this year but are down from their 52-week high of more than $13. Issuing new shares tends to depress stock prices because it dilutes earnings on a per-share basis.