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On Wednesday the company raised nearly $15 million in a stock offering. It also received $11.9 million in net proceeds from a secondary stock offering in April.
In the latest offering, Triangle Capital's underwriters sold nearly 1.5 million shares at $10.42 per share. After deducting fees and expenses, Triangle Capital received net proceeds of $14.6 million.
The money will be used primarily to make loans to midsize, privately held businesses. Triangle Capital also takes a minority stake in its portfolio companies.
Triangle Capital's latest investment, which was made last week, was a loan of $7.5 million to Frozen Specialties, an Ohio-based maker of private-label frozen pizzas and pizza bites sold primarily in grocery stores.
The stock offering increases Triangle Capital's cash hoard to about $40 million, money it can use for investments and to pay investors quarterly dividends. The company's status as a Small Business Investment Company also enables it to issue about $35 million in bonds at favorable rates because the U.S. Small Business Administration backs them.
Chief Financial Officer Steven Lilly declined to comment on the stock sale, citing Securities and Exchange regulations.
In the second quarter Triangle Capital posted $3.2 million in net investment income, up 28 percent from a year earlier, thanks primarily to new investments made during 2008 and earlier this year.
Triangle Capital shares closed at $10.64 on Wednesday, up 9 cents. Shares have risen 5 percent this year but are down from their 52-week high of more than $13. Issuing new shares tends to depress stock prices because it dilutes earnings on a per-share basis.
david.ranii@newsobserver.com or 919-829-4877
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