Trinity Capital Prices $350 Million Notes Offering at 7.50% Interest

Trinity Capital Inc. has priced an underwritten public offering of $350 million in senior unsecured notes due 2032. These notes carry a 7.50% annual interest rate. The company intends to restructure its capital stack by paying down existing debt and funding general corporate activities.

Debt Restructuring and Capital Use

The notes mature on January 15, 2032, and will pay interest semiannually. The first payment is scheduled for January 15, 2027, according to a company press release. The firm will use the proceeds primarily to repay indebtedness currently outstanding under its KeyBank Credit Facility.

By shifting debt from a variable-rate credit facility to fixed-rate senior notes, Trinity Capital is locking in long-term financing costs. This strategy is used by business development companies (BDCs) to mitigate interest rate volatility and provide predictable cash flow projections for their debt obligations.

Offering Timeline and Market Context

The offering is expected to close on October 5, 2026, subject to customary closing conditions. As of October 6, 2026, Trinity Capital (TRIN) stock was trading at $17.51.

This capital raise follows the filing of a preliminary prospectus supplement with the SEC, which detailed the terms of the notes and the intended allocation of funds. The use of senior unsecured notes allows the company to maintain liquidity without immediately diluting existing shareholders through equity issuance. This is a consideration for BDCs, which are generally required to distribute the majority of their net investment income to shareholders as dividends.