WOODSIDE, Calif., July 21, 2022 (GLOBE NEWSWIRE) — Runway Development Finance Corp. (the “Firm”) (Nasdaq: RWAY), an externally managed enterprise improvement firm, right this moment introduced that it has priced an underwritten public providing of $70 million mixture principal quantity of notes due 2027 (the “Notes”), which is able to end in web proceeds to the Firm of roughly $67.9 million after fee of underwriting reductions and commissions however earlier than deducting bills payable by the Firm associated to this providing. The Notes will mature on July 28, 2027 and could also be redeemed in entire or partly at any time or occasionally on the Firm’s possibility on or after July 28, 2024. The Notes might be issued in denominations of $25 and integral multiples of $25 in extra thereof and can bear curiosity at a fee of seven.50% per yr, payable quarterly, with the primary curiosity fee occurring on September 1, 2022. As well as, the Firm has granted the underwriters a 30-day choice to buy as much as an extra $10.5 million mixture principal quantity of Notes to cowl overallotments, if any.

The providing is anticipated to shut on July 28, 2022, topic to customary closing situations. The Firm intends to record the Notes on the Nasdaq International Choose Market beneath the image “RWAYL.”

The Firm intends to make use of the online proceeds from this providing to repay excellent indebtedness beneath its Credit score Settlement with KeyBank Nationwide Affiliation (the “Credit score Facility”). Nevertheless, by way of re-borrowing of the preliminary repayments beneath the Credit score Facility, the Firm intends to make use of the online proceeds from this providing to make investments in accordance with its funding goal and methods described within the prospectus complement and the accompanying prospectus, to pay working bills and different money obligations, and for common company functions. As of July 15, 2022, the Firm had $163.zero million of indebtedness excellent beneath the Credit score Facility, which bore curiosity at a fee of 5.18% as of such date. The Credit score Facility matures on April 20, 2026.

Oppenheimer & Co. Inc., B. Riley Securities, Inc., Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC are performing as joint book-running managers of this providing. Compass Level Analysis & Buying and selling, LLC and Hovde Group, LLC are performing as co-managers of this providing.

Buyers are suggested to rigorously take into account the funding goal, dangers, prices and bills of the Firm earlier than investing. The preliminary prospectus complement dated July 21, 2022 and the accompanying base prospectus dated April 22, 2022, which have been filed with the Securities and Alternate Fee (“SEC”), comprise this and different details about the Firm and needs to be learn rigorously earlier than investing. The knowledge within the preliminary prospectus complement, the accompanying prospectus and this press launch just isn’t full and could also be modified.

A shelf registration assertion relating to those securities is on file with and has been declared efficient by the SEC. The providing could also be made solely by the use of a preliminary prospectus complement and an accompanying prospectus, copies of which can be obtained from Oppenheimer & Co. Inc., 85 Broad Road, 23^rd Ground, New York, NY 10004 or by calling (800) 966 1559; B. Riley Securities, Inc., Attn: Prospectus Division, 1300 17th Road North, Suite 1300, Arlington, VA 22209 or by e-mailing prospectuses@brileyfin.com (or by calling (800) 846-5050); Ladenburg Thalmann, Attn: Syndicate Division, 640 Fifth Ave, 4th Ground, New York, NY 10019, or by emailing prospectus@ladenburg.com (phone quantity 1-800-573-2541) or Janney Montgomery Scott LLC, 1717 Arch Road, Philadelphia, PA 19103 by writing to prospectus@janney.com or calling 215-665-4450; copies might also be obtained by visiting EDGAR on the SEC’s web site at http://www.sec.gov.

This press launch doesn’t represent a proposal to promote or the solicitation of a proposal to purchase the securities on this providing or every other securities nor will there be any sale of those securities or every other securities referred to on this press launch in any state or jurisdiction during which such supply, solicitation or sale can be illegal previous to the registration or qualification beneath the securities legal guidelines of such state or jurisdiction.

About Runway Development Finance Corp.

Runway Development is a rising specialty finance firm centered on offering versatile capital options to late- and growth-stage corporations looking for a substitute for elevating fairness. Runway Development is a closed-end funding fund that has elected to be regulated as a enterprise improvement firm beneath the Funding Firm Act of 1940. Runway Development is externally managed by Runway Development Capital LLC, a longtime registered funding advisor that was shaped in 2015 and led by trade veteran David Spreng. For extra data, please go to www.runwaygrowth.com.

Ahead-Trying Statements

Statements apart from statements of historic information included on this press launch might represent forward-looking statements, together with statements concerning our intentions associated to the providing mentioned on this press launch and using proceeds from the providing, and should not ensures of future efficiency, situation or outcomes and contain a variety of dangers and uncertainties. Precise outcomes might differ materially from these within the forward-looking statements on account of a variety of components, together with these described occasionally in Runway Development’s filings with the SEC. Runway Development undertakes no responsibility to replace any forward-looking assertion made herein. All forward-looking statements communicate solely as of the date of this press launch.

IR Contacts:

Stefan Norbom, Prosek Companions, snorbom@prosek.com

Thomas B. Raterman, Chief Monetary Officer and Chief Working Officer, tr@runwaygrowth.com