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# Trinity Capital Closes $350 Million Of 7.500% Notes Due 2032, Earmarking Proceeds For KeyBank Debt
- URL: https://www.bullished.co/trinity-capital-closes-350-million-of-7-500-notes-due-2032-earmarking-proceeds-for-keybank-a23e26ba/
- Published: 2026-10-05T21:10:49.000Z
- Updated: 2026-10-05T21:10:49.000Z
- Description: The business development company netted about $342.61 million and plans to repay secured borrowings under its KeyBank credit agreement.
- Author: Matteo Parrino
- Tags: SEC Filings, TRIN, Industry: Not classified

Trinity Capital closed a sale of [$350 million of 7.500% notes due 2032](https://www.sec.gov/Archives/edgar/data/0001786108/000121390026106862/ea0307359-01%5F8k.htm?ref=bullished.co) on Monday, an 8-K filed that day shows. The company expects about $342.61 million in net proceeds and intends to use it to repay secured debt under its KeyBank credit agreement.

## What the 8-K says

Trinity signed an underwriting agreement on Wednesday, September 30, with Keefe, Bruyette & Woods and MUFG Securities Americas, which acted as representatives of the underwriters. The closing came Monday, per the filing. That same day the company signed a ninth supplemental indenture with U.S. Bank Trust Company, National Association, the trustee.

The notes mature on January 15, 2032\. Interest of [7.500% a year](https://sg.finance.yahoo.com/news/does-trinity-capital-us-350-001103289.html?ref=bullished.co) is paid twice yearly, on January 15 and July 15, starting January 15, 2027.

Per the [pricing term sheet](https://www.sec.gov/Archives/edgar/data/0001786108/000121390026106862/ea030735901%5Fex1-1.htm?ref=bullished.co), the public price was 99.104%, a yield of 7.714%, or 262.5 basis points (2.625 percentage points) over the benchmark Treasury. Underwriters paid 98.104%.

Trinity can redeem the notes at any time before December 15, 2031 at par plus a make-whole premium, which compensates holders for lost interest. From December 15, 2031 it can redeem at par.

## What it changes for holders

The notes are unsecured. They rank equally with the company's other unsecured, unsubordinated debt, but effectively behind its secured debt, to the extent of the assets backing that debt. They also sit structurally behind obligations of its subsidiaries and financing vehicles.

The money is aimed at that secured layer: Trinity says it will repay outstanding borrowings under its KeyBank credit agreement. The net figure of about $342.61 million is after underwriting discounts and estimated offering expenses.

The indenture requires Trinity to meet asset coverage requirements under the Investment Company Act of 1940, taking into account any exemptive relief from the SEC. If it stops filing public reports, it must still give financial information to noteholders. On a change-of-control repurchase event, it must generally offer to buy the notes at 100% of principal plus accrued interest.

The notes were sold under a shelf registration on Form N-2 filed August 11, 2025\. Kyle Brown, the company's chief executive, president and chief investment officer, signed the 8-K.

## What to watch

The first interest payment is due January 15, 2027\. TRIN shares closed Monday at $17.43, and were at $17.50 in Monday after-hours trading, up 0.40% from that close, a reading taken before the filing was accepted at 4:52 p.m. ET (market data).

The next dated item is the January 15, 2027 coupon, the first on the new notes.

### Sources

- [8-K Filing — Trinity Capital Inc. (TRIN)](https://www.sec.gov/Archives/edgar/data/0001786108/000121390026106862/ea0307359-01%5F8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ea030735901\_ex1-1.htm — Trinity Capital Inc. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0001786108/000121390026106862/ea030735901%5Fex1-1.htm?ref=bullished.co) — SEC EDGAR
- [Does Trinity Capital’s US$350 Million Note Offering Reshape the Bull Case for TRIN?](https://sg.finance.yahoo.com/news/does-trinity-capital-us-350-001103289.html?ref=bullished.co) — Yahoo Finance
- [Trinity Capital Prices Offering of $350.0 Million of 7.50% Notes due 2032](https://www.prnewswire.com/news-releases/trinity-capital-prices-offering-of-350-0-million-of-7-50-notes-due-2032--302895067.html?ref=bullished.co) — prnewswire.com