NEW YORK, Feb. 22, 2017 (GLOBE NEWSWIRE) -- Medley Management Inc.(NYSE:MDLY), a credit-focused asset management firm, today announced that Medley LLC, its operating company, has closed its public offering of an additional $34,500,000 in aggregate principal amount of its 7.25% notes due 2024, which includes the exercise in full of the underwriters’ option to purchase additional notes, at a public offering price of $25.25 for each $25.00 principal amount of notes, for gross proceeds of $34,845,000. The notes mature on January 30, 2024. Interest will be payable quarterly. Medley LLC intends to use the net proceeds from the offering to repay the remaining outstanding indebtedness under Medley LLC’s syndicated term loan and for general corporate purposes.
The notes are listed on the New York Stock Exchange under the trading symbol “MDLQ”. FBR Capital Markets & Co., Incapital LLC, William Blair & Company, Ladenburg Thalmann & Co. Inc., JonesTrading Institutional Services LLC and Compass Point Research & Trading, LLC acted as joint book-running managers. Boenning & Scattergood, Inc., National Securities Corporation, Maxim Group LLC and Wedbush Securities Inc. acted as co-managers.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of, the notes referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
ABOUT MEDLEY
Medley is a credit-focused asset management firm offering yield solutions to retail and institutional investors. Medley's national direct origination franchise, with over 85 people, is a premier provider of capital to the middle market in the U.S. As of December 31, 2016, Medley had in excess of $5.3 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE:MCC) and Sierra Income Corporation, as well as private investment vehicles. Over the past 15 years, Medley has provided capital to over 350 companies across 35 industries in North America. For additional information, please visit Medley Management Inc. at www.mdly.com.
Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the NYSE under the symbols (NYSE:MDLX) and (NYSE:MDLQ). Medley Capital Corporation (NYSE:MCC) has outstanding bonds which trade on the NYSE under the symbols (NYSE:MCQ), (NYSE:MCV), and (NYSE:MCX).
