Shares of TCP Capital Corp. closed down slightly on Wednesday following the business investment and development company’s nearly $85 million initial public offering.

The Santa Monica investment arm of Tennenbaum Capital Partners LLC said that the 5.75 million shares priced at $14.75 a share and raised $84.8 million before expenses. The offering is expected to close on Tuesday.

TCP Capital has said in regulatory filings that it plans to use proceeds to pay down debt and make new investments. TCP Capital invests in the debt primarily of middle-market companies valued at between $100 million and $1.5 billion. It makes its investments under the guidance of Tennenbaum Capital.

Tennenbaum has invested in about 200 companies since its 1999 founding by Michael Tennenbaum, a former Bear Stearns executive. The company, which takes investment positions of up to $250 million, currently has some $5 billion under management, according to its website.

Last month it successfully led a group of debt holders in acquiring Real Mex Restaurants Inc., the bankrupt Cypress operator of the El Torito, Chevys and Acapulco restaurant chains.

TCP granted underwriters a 30-day option to buy up to 862,500 additional shares to cover any excess demand. Deutsche Bank Securities Inc. and Stifel Nicolaus & Co. are managing the offering, along with Oppenheimer & Co.

The stock, which trades on the Nasdaq Global Select Market under the symbol "TCPC," closed down 20 cents, or 1.4 percent from its asking price, to $14.55. It fell another 2 percent in after-hours trading.

Separately, TCP Capital Corp. declared a dividend of 34 cents a share.