February 16, 2010 (FinancialWire) — Solar Capital Ltd. (NASDAQ: SLRC) has closed its initial public offering of common stock, selling a total of five million shares of common stock at a price of $18.50 per share.

Concurrent with the offering, company management purchased an additional 600,000 shares, also at $18.50 per share.

Solar Capital said it saw net proceeds of around $95 million.

The company plans to use substantially all of the net proceeds from this offering to make new investments in portfolio companies, for general working capital purposes and for temporary repayment of debt.

New York-based Solar Capital is a closed-end investment company that invests primarily in leveraged companies, including middle market companies, in the form of senior secured loans, mezzanine loans, and equity securities.

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