Trinity Capital Inc. Prices Offering of $125.0 Million of 6.75% Notes due 2030

Rhea-AI Summary

Trinity Capital (NASDAQ: TRIN) has priced an upsized public offering of $125.0 million in 6.75% notes due 2030. The notes will mature on July 3, 2030, and carry a 6.75% annual interest rate, payable semiannually starting January 3, 2026.

The unsecured notes include a redemption option at par plus a "make whole" premium. The company plans to use the proceeds to reduce existing debt under its KeyBank Credit Facility. The offering is expected to close on July 3, 2025.

Positive

• Successful pricing of upsized $125.0 million notes offering indicates strong market interest
• Debt refinancing through notes offering could potentially improve debt structure
• Fixed interest rate of 6.75% provides predictable interest expenses through 2030

Negative

• Additional debt obligation with 6.75% interest rate increases company's interest expense burden
• New notes are unsecured, ranking lower in capital structure compared to secured debt

Insights

Fixed Income Specialist

Trinity Capital raises $125M through 6.75% notes due 2030 to reduce existing KeyBank debt, potentially improving their debt structure.

Trinity Capital has successfully priced an upsized public offering of $125 million in notes due 2030 with a 6.75% interest rate. The 5-year notes will mature on July 3, 2030, with interest payments occurring semiannually starting January 2026. What's noteworthy here is the company's strategic debt management approach - they're specifically using these proceeds to pay down existing debt under their KeyBank Credit Facility.

This refinancing move likely indicates Trinity is restructuring its debt profile to potentially secure more favorable terms or extend maturity timelines. The 6.75% interest rate reflects current market conditions for business development companies and suggests relatively strong institutional demand given the upsized nature of the offering. The unsecured nature of these notes is also significant as it doesn't require specific collateral backing.

The involvement of major underwriters including Keefe, Bruyette & Woods and Morgan Stanley lends credibility to the offering. For Trinity Capital, which operates as an alternative asset manager, this debt issuance represents an important capital management decision that could optimize their funding structure while maintaining financial flexibility for their lending operations to venture-backed companies.

PHOENIX, June 26, 2025 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (the "Company" or "Trinity Capital"), a leading alternative asset manager, today announced that it has priced an upsized underwritten public offering of $125.0 million in aggregate principal amount of 6.75% notes due 2030 (the "Notes"). The Notes will mature on July 3, 2030, and may be redeemed in whole or in part at any time or from time to time at the Company's option at par, plus a "make whole" premium, if applicable. The Notes are unsecured and bear interest at a rate of 6.75% per year, payable semiannually commencing on January 3, 2026.

The offering is subject to customary closing conditions and is expected to close on July 3, 2025.

The Company intends to use the net proceeds from the offering to pay down a portion of its existing indebtedness outstanding under its KeyBank Credit Facility.

Keefe, Bruyette & Woods, A Stifel Company, and Morgan Stanley are acting as the joint book-running managers for the offering. MUFG Securities Americas Inc. and Zions Direct, Inc. are acting as co-managers.

Investors are advised to carefully consider the investment objectives, risks and charges and expenses of Trinity Capital before investing. The preliminary prospectus supplement dated June 26, 2025 and the accompanying prospectus dated February 7, 2024, each of which has been filed with the Securities and Exchange Commission ("SEC"), contain a description of these matters and other important information about Trinity Capital and should be read carefully before investing.

Trinity Capital has filed a shelf registration statement (including a base prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the base prospectus in that registration statement, the preliminary prospectus supplement and the documents incorporated by reference therein, which Trinity Capital has filed with the SEC, for more complete information about Trinity Capital and the offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Trinity Capital, any underwriter or any dealer participating in the offering will arrange to send you the preliminary prospectus supplement if you request it from Keefe, Bruyette & Woods, Inc., 787 7th Avenue, 4th Floor, New York, New York 10019, Attn: Equity Syndicate, by telephone at 1 (800) 966-1559, or from Morgan Stanley & Co. LLC, 1585 Broadway, New York, New York 10036, toll-free at 1 (866) 718-1649.

The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The preliminary prospectus supplement, the accompanying prospectus and this press release do not constitute an offer to sell or the solicitation of offers 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 Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies. With five distinct business verticals–Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences–Trinity Capital stands as a long-term trusted partner for innovative companies seeking tailored debt solutions. Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and in London (UK). ­­

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance 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 filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.

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SOURCE Trinity Capital Inc.

FAQ

What is the size and interest rate of Trinity Capital's (TRIN) new notes offering?

Trinity Capital priced an upsized offering of $125.0 million in notes with a 6.75% interest rate, due in 2030.

When will Trinity Capital's (TRIN) new notes mature?

The notes will mature on July 3, 2030.

How will Trinity Capital (TRIN) use the proceeds from the notes offering?

Trinity Capital plans to use the net proceeds to pay down a portion of its existing debt under the KeyBank Credit Facility.

When will interest payments begin for Trinity Capital's (TRIN) new notes?

Interest payments will be made semiannually, beginning on January 3, 2026.

What are the redemption terms for Trinity Capital's (TRIN) 2030 notes?

The notes can be redeemed in whole or in part at any time at par plus a 'make whole' premium, if applicable.