TriplePoint Venture slides on stock offering

TriplePoint Venture Growth BDC

09/01/2020 12:34

** TriplePoint Venture Growth BDC Corp  TPVG.N  shares down
6.1% at $13.50 after co raises equity
    ** Business development co sells 5 mln shares resulting in
net proceeds of approx $68.25 mln, or $13.65/sh  urn:newsml:reuters.com:*:nBw9j6lFqa
    ** Offering prices at $14.08, 2% discount to stock's Weds
close
    ** TPVG to use net proceeds to repay debt under its credit
facility, and then will re-borrow to make investments in
accordance with its investments objectives and strategies 
    ** Wells Fargo, Morgan Stanley, Goldman, JP Morgan and KBW
acting as jt bookrunners for offering
    ** Deal size represents a fifth of TPVG's total shares
outstanding, and more than 20 days of trading volumes, per
Refinitiv data
    ** TPVG gained 30.6% in 2019
    ** Avg rating among 7 brokerages is "hold" and median PT is
$15.50 (Refinitiv data)

 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))