Trinity Capital has priced an underwritten public offering of $350 million in aggregate principal amount of 7.50% notes due 2032, providing the company with additional long-term capital while supporting repayment of borrowings under its existing credit facility.
The notes will mature on January 15, 2032, giving Trinity Capital a financing instrument extending more than five years from the expected closing of the offering.
The securities will carry a fixed annual interest rate of 7.50%.
Interest will be paid semiannually, with the first interest payment scheduled for January 15, 2027.
The notes will be unsecured obligations of Trinity Capital.
Under the terms of the offering, Trinity Capital will have the ability to redeem the notes, in whole or in part, at any time before maturity.
Any such redemption would be made at par plus an applicable make-whole premium, as provided under the terms governing the securities.
The offering is expected to close on October 5, 2026, subject to satisfaction of customary closing conditions.
Trinity Capital plans to use the net proceeds from the offering to repay a portion of the outstanding indebtedness under its KeyBank Credit Facility.
Any remaining proceeds are expected to be used for general corporate purposes.
The transaction therefore gives Trinity Capital additional long-duration financing while allowing the company to reduce a portion of the borrowings currently outstanding under the KeyBank facility.
By issuing fixed-rate notes extending into 2032, Trinity Capital is adding another source of capital alongside its existing credit arrangements.
The offering also provides the company with flexibility to deploy any remaining proceeds toward its broader corporate needs after the planned repayment of KeyBank Credit Facility indebtedness.
Support: Keefe, Bruyette & Woods, a Stifel company, and MUFG Securities Americas are serving as joint book-running managers for the offering.
