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BDC Stellus Capital Comes a Calling

Business development company Stellus Capital (SCM) is selling a new $1,000 note issue with the intention to use the proceeds to redeem the $25/share baby bonds 5.75% notes due 2022.

This is another instance of a company choosing to offer institutional bonds instead of selling $25/share retail focused shares.

The announcement is contained in the prospectus for the $1,000 notes which can be read here.

No loss will be incurred on the call as the issue is trading at $25.19 and there is accrued interest which will have to be paid on the call.

J made note of the selling of the $1,000 issue.

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