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The Convertible Senior Notes are unsecured, and bear interest at a rate
of 4.50% per year, payable semiannually. In certain circumstances, the
Convertible Senior Notes will be convertible into cash, shares of TSL’s
common stock or a combination of cash and shares of TSL’s common stock,
at TSL’s election, at an initial conversion rate of 38.7162 shares of
common stock per
TSL expects to use the net proceeds of this offering to pay down debt under its revolving credit facility.
In connection with the offering of Convertible Senior Notes, TSL intends to enter into an interest rate swap to better align the interest rates of its liabilities with its investment portfolio, which consists of predominately floating rate loans.
Neither the Convertible Senior Notes nor the common stock that may be
issued upon conversion thereof will be registered under the Securities
Act. Neither the Convertible Senior Notes nor the common stock that may
be issued upon conversion thereof may be offered or sold in
This press release is not an offer to sell any securities of TSL and is not soliciting an offer to buy such securities in any state where such offer and sale is not permitted. It is issued pursuant to Rule 135c under the Securities Act.
TSL is a specialty finance company focused on lending to middle-market
companies. TSL seeks to generate current income primarily in
U.S.-domiciled middle-market companies through direct originations of
senior secured loans and, to a lesser extent, originations of mezzanine
loans and investments in corporate bonds and equity securities. TSL has
elected to be regulated as a business development company, or a BDC,
under the Investment Company Act of 1940 and the rules and regulations
promulgated thereunder. TSL is externally managed by
Statements included herein may constitute “forward-looking statements,”
which relate to future events or our future performance or financial
condition. These statements are not guarantees of future performance,
conditions or results and involve a number of risks and uncertainties.
Actual results may differ materially from those in the forward-looking
statements as a result of a number of factors, including those described
from time to time in TSL’s filings with the