September 2, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Full Circle Capital Corp. (NASDAQ: FULL) has priced its initial public offering of two million shares of common stock at $9 per share, which will result in $18 million of gross proceeds.  Ladenburg Thalmann & Co., Inc., a division of Ladenburg Thalmann Financial Services, Inc. (AMEX: LTS), acted as the sole bookrunning manager.

Full Circle said it expects to use the net proceeds of this offering to temporarily reduce outstanding indebtedness under its credit facility, to enable it to fund new investments in portfolio companies and for general corporate purposes.

The offering is subject to customary closing conditions and the shares are expected to be delivered on September 7. Full Circle has also granted the underwriters an option to purchase up to an additional 300,000 shares of common stock to cover over-allotments, if any.

Immediately prior to the pricing of the offering, Full Circle acquired through a series of transactions a portfolio consisting of around $72.3 million of debt and equity investments from two existing private funds, Full Circle Partners, LP and Full Circle Fund, Ltd. in exchange for an aggregate of around four million shares of Full Circle common stock and around $3.4 million of senior unsecured notes issued to the current investors in the Full Circle Partners, LP and Full Circle Fund, Ltd.

Full Circle also assumed around $27.5 million of outstanding debt from Full Circle Partners, LP and Full Circle Fund, Ltd.’s existing credit facilities, in connection with its acquisition of the funds and its entry into a new secured revolving credit facility with FCC, LLC d/b/a First Capital.

New York-based Full Circle Capital is a closed-end investment company that has elected to be treated as a business development company. Full Circle lends to and invests in asset-based senior secured loans and, to a lesser extent, mezzanine loans and equity securities issued by smaller and lower middle-market companies that operate in a range of industries.

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