13.33%XLF 20.95 6.72%SPY 125.51 2.08%
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NEW YORK - Allied Capital Corp. found a buyer for 2.8 million shares of the company's stock at $17.87 per share a 7.2 percent discount, the lender said Friday.
The Washington-based lender and investor, in a sale managed by Deutsche Bank, expects to raise about $49 million in the sale. The company plans to use the money to pay off debt under a credit line and make some other investments.
The buyer is an institutional investor whose identity was not disclosed.
Allied Capital's stock closed Thursday at $19.25.
The company has about 155 million shares outstanding. As part of the sale, which is expected to close Wednesday, Deutsche Bank has the option to buy up to 420,000 shares of Allied Capital's stock at the same price.
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