Triangle Capital sells 1.8M shares worth $20.2M

AP News
Posted: Dec 11, 2009 1:52 PM

Triangle Capital Corp., a specialty finance company, said Friday it completed its public offering of about 1.6 million shares of common stock for $12 each.

The underwriters of the offering _ Morgan Keegan & Co., BB&T Capital Markets LLC, and Janney Montgomery Scott LLC _ expect to fully exercise their option to buy another 234,000 shares of common stock to cover overallotments. Including those, the total number of shares sold was about 1.8 million.

Net proceeds after underwriting discounts were about $20.2 million.

Triangle plans to invest some proceeds and use the rest for general expenses.

Shares of the Raleigh, N.C., rose 10 cents to $12.22 in afternoon trading.