NEW YORK, Feb 25 (Reuters) - Shares of Solar Senior Capital Ltd, a closed-end investment fund, fell on Friday after the initial public offering priced exactly as planned and raised $160 million.
Shares of the New York-based fund focused on senior secured loans fell 1.9 percent to $19.62 in early Nasdaq trading. The company sold 8 million shares in an IPO and another 500,000 shares also for $20 in a private placement on Thursday.
Solar Senior Capital will invest most of the proceeds in private junk bonds made mostly to middle-market companies, making the IPO a financial vehicle for investors seeking exposure to those securities.
The fund will be managed by investment adviser Solar Capital Partners and run by Apollo Investment Corp founder Michael Gross. Gross's investment firm Solar Senior Capital Investors bought the extra shares in the private placement following the IPO.
On Jan. 31, Solar Senior Capital had net asset value of $2,000 and no investments. Adjusted to the IPO and the private placement, net asset value would be about $158 million.
Underwriters on the offering were led by Citi, Wells Fargo Securities and Deutsche Bank Securities.
(Reporting by Alina Selyukh, editing by Dave Zimmerman)
((alina.selyukh@thomsonreuters.com; +1 646 223 6152; Reuters Messaging: alina.selyukh.thomsonreuters.com@reuters.net)) Keywords: SOLARSENIORCAPITAL/IPO
* Shares down 2 pct to $19.60 in Nasdaq debut
* IPO raised $160 mln, priced at $20 per share as expected
* Begins trading under symbol 'SUNS'
* Closed-end private junk bond fund
(Updates to U.S. market close)
NEW YORK, Feb 25 (Reuters) - Shares of Solar Senior Capital Ltd, a closed-end investment fund, fell 2 percent on Friday after the initial public offering priced exactly as planned and raised $160 million.
Shares of the New York-based fund focused on senior secured loans fell to $19.60 by the close of regular trading on Nasdaq. The company sold 8 million shares in an IPO and another 500,000 shares in a private placement on Thursday for $20 each.
Solar Senior Capital will invest most of the proceeds in private junk bonds made mostly to middle-market companies, making the IPO a financial vehicle for investors seeking exposure to those securities.
The fund will be managed by investment adviser Solar Capital Partners and run by Apollo Investment Corp founder Michael Gross. Gross's investment firm Solar Senior Capital Investors bought the extra shares in the private placement following the IPO.
On Jan. 31, Solar Senior Capital had net asset value of $2,000 and no investments. Adjusted for the IPO and the private placement, net asset value would be about $158 million.
Underwriters on the offering were led by Citigroup, Wells Fargo Securities and Deutsche Bank Securities.
(Reporting by Alina Selyukh; Editing by Dave Zimmerman and Tim Dobbyn) Keywords: SOLARSENIORCAPITAL/IPO (alina.selyukh@thomsonreuters.com; +1 646 223 6152; Reuters Messaging: alina.selyukh.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Shares of the New York-based fund focused on senior secured loans fell 1.9 percent to $19.62 in early Nasdaq trading. The company sold 8 million shares in an IPO and another 500,000 shares also for $20 in a private placement on Thursday.
Solar Senior Capital will invest most of the proceeds in private junk bonds made mostly to middle-market companies, making the IPO a financial vehicle for investors seeking exposure to those securities.
The fund will be managed by investment adviser Solar Capital Partners and run by Apollo Investment Corp founder Michael Gross. Gross's investment firm Solar Senior Capital Investors bought the extra shares in the private placement following the IPO.
On Jan. 31, Solar Senior Capital had net asset value of $2,000 and no investments. Adjusted to the IPO and the private placement, net asset value would be about $158 million.
Underwriters on the offering were led by Citi, Wells Fargo Securities and Deutsche Bank Securities.
(Reporting by Alina Selyukh, editing by Dave Zimmerman)
((alina.selyukh@thomsonreuters.com; +1 646 223 6152; Reuters Messaging: alina.selyukh.thomsonreuters.com@reuters.net)) Keywords: SOLARSENIORCAPITAL/IPO
* Shares down 2 pct to $19.60 in Nasdaq debut
* IPO raised $160 mln, priced at $20 per share as expected
* Begins trading under symbol 'SUNS'
* Closed-end private junk bond fund
(Updates to U.S. market close)
NEW YORK, Feb 25 (Reuters) - Shares of Solar Senior Capital Ltd, a closed-end investment fund, fell 2 percent on Friday after the initial public offering priced exactly as planned and raised $160 million.
Shares of the New York-based fund focused on senior secured loans fell to $19.60 by the close of regular trading on Nasdaq. The company sold 8 million shares in an IPO and another 500,000 shares in a private placement on Thursday for $20 each.
Solar Senior Capital will invest most of the proceeds in private junk bonds made mostly to middle-market companies, making the IPO a financial vehicle for investors seeking exposure to those securities.
The fund will be managed by investment adviser Solar Capital Partners and run by Apollo Investment Corp founder Michael Gross. Gross's investment firm Solar Senior Capital Investors bought the extra shares in the private placement following the IPO.
On Jan. 31, Solar Senior Capital had net asset value of $2,000 and no investments. Adjusted for the IPO and the private placement, net asset value would be about $158 million.
Underwriters on the offering were led by Citigroup, Wells Fargo Securities and Deutsche Bank Securities.
(Reporting by Alina Selyukh; Editing by Dave Zimmerman and Tim Dobbyn) Keywords: SOLARSENIORCAPITAL/IPO (alina.selyukh@thomsonreuters.com; +1 646 223 6152; Reuters Messaging: alina.selyukh.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.