RWAY - Runway Growth Finance prices offering $67.9M of debt offering

• Runway Growth Finance ( NASDAQ: RWAY ) has priced an underwritten public offering of $70M of notes due 2027, resulting in net proceeds to the company of ~$67.9M.
• The notes will mature on July 28, 2027.
• The notes will be issued in denominations of $25 and integral multiples of $25 in excess thereof.
• Notes will bear interest at a rate of 7.50% per year, payable quarterly, with the first interest payment occurring on September 1, 2022.
• Underwriters over-allotment is an additional $10.5M  principal amount of notes.
• Offering is expected to close on July 28, 2022.
• The company intends to list the notes on the Nasdaq Global Select Market under the symbol “RWAYL.”
• RWAY plans to use net proceeds to repay outstanding indebtedness under its credit facility.
• Through re-borrowing of initial repayments under the credit facility, RWAY intends to use the net proceeds from the offering to make investments, pay operating expenses and other cash obligations, and for general corporate purposes.
• As of Jul. 15, RWAY had $163M of indebtedness outstanding under the credit facility, which bore interest at 5.18% as of such date.
• The credit facility matures on Apr. 20, 2026.

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