TriplePoint BDC lists

The offering by California-based venture debt firm TriplePoint generated $125m in proceeds, which will be used to pay off a bridge loan used to acquire a portfolio of assets prior to listing.

TriplePoint Venture Growth BDC Corp priced its initial public offering on the New York Stock Exchange on Thursday, generating gross proceeds of $125 million, it said in a statement.

The BDC is a closed-ended, non-diversified investment management company that will deliver current income and capital appreciation to stockholders by primarily lending with warrants to venture growth stage companies operating in the technology, life sciences and other high growth industries backed by leading venture capital firms, it said in the statement.

It will be managed by TriplePoint Capital, a Menlo Park-based financing provider which provides customised debt financing, leasing and direct equity investments to high growth businesses.

Immediately prior to the offering, the BDC acquired an initial portfolio of assets for about $122 million in cash, it added. TriplePoint said it would use the net proceeds from the IPO and a concurrent private placement, together with borrowings under its credit facility, to pay the oustanding balance on the bridge loan used to acquire the portfolio.

The BDC's shares will commence trading on the NYSE on March 6.

Morgan Stanley, Wells Fargo, Goldman Sachs, Credit Suisse and UBS acted as joint bookrunners for the IPO.