TriplePoint Venture Capital IPO Hits the Tape

In a filing with the U.S. Securities and Exchange Commission the company said that immediately before the offering was priced TriplePoint acquired its initial portfolio of assets for approximately $121.7 million in cash. The company plans to use the net proceeds from the IPO and a concurrent private placement of common stock plus borrowings under the company’s credit facility to pay the outstanding balance on the bridge loan it used to acquire the initial portfolio.

TriplePoint plans to focus its investments on companies that have received investment capital from its Sponsor, TriplePoint Capital LLC, and expects to pay quarterly dividends at an average annual rate of 8.5%. For the quarter ending this month the company expects to authorize a dividend in the range of $0.30 to $0.34 a share.

So far today TriplePoint is defying the usual downturn that closed-end funds take on their IPOs and is trading up 3.3% at $15.50. About 2.1 million shares have been traded so far.