Business Development Company THL Credit to Sell Baby Bonds

Business Development Company THL Credit (NASDAQ:TCRD) has announced the intent to sell a new baby bond.  The new bond will mature in 2023.

The company has not released any details of the pricing of the issue as of yet, but they do reference the potential redemption of the 6.75% baby bonds  (NASDAQ:TCRX) which mature in 2021 (with an early redemption of option which started on 11/15/2017).

Preliminary information can be found here.

THL Credit has not yet changed their leverage ratio from 200% to 150%, but the provisions of this baby bond allow the company to do so in the future.

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