Shares of TCP Capital Corp. fell more than 3 percent on Tuesday after the business investment and development company priced a $70.3 million stock offering below the previous day’s closing price.

The Santa Monica investment arm of Tennenbaum Capital Partners LLC on Tuesday priced the 4.5 million new shares at $15.63 a share, compared with Monday’s closing price of $16.20. TCP, which had about 21 million shares outstanding before the offering, said it intends to use net proceeds to repay the outstanding balance on its revolving credit facility.

TCP Capital primarily invests in the debt of middle-market companies valued at between $100 million and $1.5 billion. The company went public in April 2012, and the latest stock offering was announced after the markets closed on Monday.

Shares on Tuesday closed down 57 cents, or 3.5 percent, to $15.63 on the Nasdaq.