Three BDCs issue a total of 9.5m new shares

New Mountain topped the trio with an issuance of 5 million shares.

Stellus Capital Investment Corporation, New Mountain Finance Corporation, and Golub Capital business development companies have offered a combined total of 9.5 million in new shares, according to recent filings with the US Securities and Exchange Commission.

The three firms were not immediately available to comment.

Stellus offered 2.75 million in new shares of common stock this month. The  price for the new issuance has been set at $14.10 per share, and the company expects the sale to net $37.5 million in proceeds.

The Houston-based BDC’s common stock closed at $14.02 per share on Tuesday on the New York Stock Exchange. Stellus posted a net asset value of $13.69 per share at the end of 2016.

As of 31 December, the Stellus portfolio had a fair value of $365.6 million in 45 portfolio companies. The firm invests in private credit and energy-related private equity.

On top of the Stellus issuance, Golub offered up 1.75 million new shares of common stock earlier this year at $19.03 a share.

Golub’s common stock was last sold for $19.90 per share on the NASDAQ Global Select Market. The BDC’s net asset value was $15.74 per share as of 31 December.

Golub expects to net $32.3 million in proceeds from the sale of its new issuance, the filing showed.

The BDC invests primarily in senior secured and one-stop loans of US mid-market companies and had a portfolio of 182 companies valued at $1.6 billion, as of 31 December.

New Mountain Finance Corporation has also offered investors 5 million new shares of common stock, another SEC filing shows.

New Mountain’s common stock closed on Tuesday at $14.55 per share, also on the NYSE. The net asset value per share of its common stock was $13.46 at the end of last year. 

The New York-based firm expects the new offering, priced at $14.60 a share, to net a total of $70.9 million in proceeds, according to the filing.

The New Mountain portfolio had a fair value of $1.5 billion in 78 portfolio companies, the SEC document shows. The firm invests in healthcare, media and technology companies in North America.