Runway Growth Finance Corp. announced an underwritten offering of unsecured notes to repay debt and for corporate purposes.
Quiver AI Summary
Runway Growth Finance Corp. has announced the launch of an underwritten offering of unsecured notes, pending market conditions, with plans to list them on the Nasdaq Global Select Market. The company aims to use the proceeds to repay existing debt, including a portion of its 9.00% Senior Notes maturing in January 2027, and for general corporate purposes. Co-managed by several financial firms, the offering is open to investors, who should consider the associated risks and fees outlined in the preliminary prospectus filed with the SEC. Runway Growth, a specialty finance company that provides capital solutions to late and growth-stage companies, is externally managed by Runway Growth Capital LLC.
Potential Positives
- The Company is initiating an underwritten offering of unsecured notes, which could provide a significant influx of capital for financial flexibility.
- The net proceeds from the offering are intended to repay outstanding indebtedness, including high-interest notes, which may improve the Company's financial health.
- The application for the Notes to be listed and traded on the Nasdaq Global Select Market could enhance the company's visibility and attract a wider range of investors.
Potential Negatives
- The announcement of an underwritten offering of unsecured notes may raise concerns about the company's reliance on debt financing, particularly as the proceeds are intended to repay existing indebtedness.
- The company has significant existing debt, specifically $33.0 million under the SWK 2027 Notes, which have a high interest rate of 9.00%, indicating potential financial pressure.
- The uncertainty associated with market conditions for the offering and the unspecified terms of the new notes may create investor apprehension regarding the company’s financial stability.
FAQ
What is the purpose of Runway Growth's underwritten offering of unsecured notes?
The offering aims to raise funds to repay indebtedness and support general corporate purposes.
Where will the unsecured notes be traded if approved?
The unsecured notes are expected to be listed and traded on the Nasdaq Global Select Market.
What are the current terms for the outstanding 9.00% Senior Notes?
The 9.00% Senior Notes, due January 31, 2027, have approximately $33.0 million of indebtedness outstanding.
Who are the joint book-running managers for this offering?
The joint book-running managers include Oppenheimer & Co. Inc., B. Riley Securities, Inc., Lucid Capital Markets, LLC, and MUFG Securities Americas Inc.
What should investors review before participating in the offering?
Investors should carefully read the preliminary prospectus supplement and accompanying prospectus for important information and risks.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$RWAY Insider Trading Activity
$RWAY insiders have traded $RWAY stock on the open market 6 times in the past 6 months. Of those trades, 5 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $RWAY stock by insiders over the last 6 months:
- CAPITAL, L.P. CARLSON sold 560,105 shares for an estimated $3,691,091
- EDWARD J. GOLDTHORPE has made 2 purchases buying 10,000 shares for an estimated $67,450 and 0 sales.
- CARMELA THOMSON (CFO, Treasurer and Secretary) purchased 8,000 shares for an estimated $55,743
- MICHAEL ROVNER (Co-Chief Executive Officer) purchased 7,000 shares for an estimated $45,990
- R DAVID SPRENG (President and Co-CEO) purchased 1,000 shares for an estimated $6,889
To track insider transactions, check out Quiver Quantitative's insider trading dashboard. You can access data on insider stock transactions through the Quiver Quantitative API insider transaction endpoint.
$RWAY Hedge Fund Activity
We have seen 58 institutional investors add shares of $RWAY stock to their portfolio, and 51 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- TWO SIGMA INVESTMENTS, LP removed 608,437 shares (-94.3%) from their portfolio in Q2 2026, for an estimated $3,413,331
- ARES MANAGEMENT LLC added 339,356 shares (+28.8%) to their portfolio in Q2 2026, for an estimated $1,903,787
- MORGAN STANLEY added 276,118 shares (+131.0%) to their portfolio in Q2 2026, for an estimated $1,549,021
- NORTH GROUND CAPITAL removed 233,326 shares (-24.3%) from their portfolio in Q2 2026, for an estimated $1,308,958
- UBS GROUP AG removed 215,054 shares (-62.7%) from their portfolio in Q2 2026, for an estimated $1,206,452
- MARSHALL WACE, LLP removed 208,815 shares (-59.5%) from their portfolio in Q2 2026, for an estimated $1,171,452
- BULLDOG INVESTORS, LLP removed 181,075 shares (-15.1%) from their portfolio in Q2 2026, for an estimated $1,015,830
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.
$RWAY Price Targets
Multiple analysts have issued price targets for $RWAY recently. We have seen 2 analysts offer price targets for $RWAY in the last 6 months, with a median target of $6.0.
Here are some recent targets:
- Derek Hewett from B of A Securities set a target price of $5.5 on 06/15/2026
- Finian O'Shea from Wells Fargo set a target price of $6.5 on 05/14/2026
Full Release
MENLO PARK, Calif., Sept. 23, 2026 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (“Runway Growth” or the “Company”) (Nasdaq: RWAY), a leading provider of flexible capital solutions to late and growth-stage companies seeking an alternative to raising equity, today announced that it has commenced an underwritten offering of unsecured notes (the “Notes”), subject to market and other conditions. The Company has applied for the Notes to be listed and trade on the Nasdaq Global Select Market. If approved for listing, the Company expects the Notes to begin trading within 30 days from the original issue date. The interest rate and other terms of the Notes will be determined at the time of pricing of the offering.
The Company intends to use the net proceeds from this offering to repay outstanding indebtedness, including to redeem all or a portion of the Company’s outstanding 9.00% Senior Notes due January 31, 2027 (the “SWK 2027 Notes”) and for general corporate purposes. As of September 23, 2026, the Company had approximately $33.0 million of indebtedness outstanding under the SWK 2027 Notes, which bear interest at a rate of 9.00%.
Oppenheimer & Co. Inc., B. Riley Securities, Inc., Lucid Capital Markets, LLC, and MUFG Securities Americas Inc. are acting as joint book-running managers of this offering. Compass Point Research & Trading, LLC, Ladenburg Thalmann & Co. Inc., InspereX LLC, William Blair & Company L.L.C. and BC Partners Securities, LLC are acting as co-managers of this offering.
Investors are advised to carefully consider the investment objective, risks, charges and expenses of the Company before investing. The preliminary prospectus supplement, dated September 23, 2026, and accompanying prospectus, dated March 19, 2025, each of which has been filed with the Securities and Exchange Commission (the “SEC”), contain a description of these matters and other important information about the Company and should be read carefully before investing.
The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities in this offering or any other securities nor will there be any sale of these securities or any other securities referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
A shelf registration statement relating to these securities is on file with and has been declared effective by the SEC. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from Oppenheimer & Co. Inc., 85 Broad Street, 23 rd Floor, New York, NY 10004 or by calling (800) 966 1559; copies may also be obtained by visiting EDGAR on the SEC’s website at http://www.sec.gov .
About Runway Growth Finance Corp.
Runway Growth is a specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. Runway Growth is externally managed by Runway Growth Capital LLC, an affiliate of BC Partners Advisors L.P., and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com .
Forward-Looking Statements
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements other than statements of historical facts included in this press release may constitute forward-looking statements, including statements regarding our intentions related to the offering discussed in this press release and the use of proceeds from the offering, and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the SEC. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
IR Contacts:
Taylor Donahue, Prosek Partners, [email protected]
Carmela Thomson, Chief Financial Officer, [email protected]
