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MidCap Financial Announces Completion of $300MM Plus New Equity Financing

May 07, 2020, 09:15 AM
Filed Under: Industry News
Related: MidCap Financial

MidCap Financial announced that it has completed an equity offering of more than $300 million. This offering is part of a comprehensive strategy to enhance MidCap Financial's financial flexibility in order to further cement the company's position as a leading capital provider of choice to the middle market.

Steve Curwin, CEO of MidCap Financial Services, LLC, said, "We are gratified by the confidence a broad range of investors showed in MidCap by participating in this equity raise. We believe the defensive nature of our portfolio and the cycle tested experience of our management team combined with the support and resources of Apollo drove strong interest in the equity offering. We expect to continue to drive strong returns for our investors as we support our borrowers through his crisis."

Howard Widra, Senior Partner and Global Head of Direct Origination for Apollo Global Management, said "MidCap entered this COVID-19 crisis period with a strong balance sheet, diverse set of borrowers, and long standing relationships with a large variety of capital providers. We believe it was prudent to further strengthen the balance sheet with additional capital to continue to support borrowers during this unprecedented time. In addition, as a result of this capital raise, we also believe MidCap is well positioned to serve even more great companies in all stages of growth or transition and be one of leading providers of capital in the next cycle."

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