Triangle Capital Corporation Closes Overallotment Option in Connection With Public Offering of 6.375% Notes Due 2022 and Trading of Notes Begins on NYSE

RALEIGH, N.C., Feb. 13, 2015 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP) (the "Company") today announced that in connection with the public offering of $75.0 million in aggregate principal amount of 6.375% notes due 2022 (the "Notes") which closed on February 6, 2015, the underwriters have fully exercised their option to purchase an additional $11.25 million in aggregate principal amount of Notes to cover overallotments, bringing the total size of the offering to $86.25 million. The Company received approximately $10.9 million in additional net proceeds from the sale of the Notes pursuant to the overallotment option, for a total of approximately $83.3 million in net proceeds after deducting the underwriting discount and estimated offering expenses payable by the Company. The Notes will bear interest at a rate of 6.375% per year payable quarterly on March 15, June 15, September 15 and December 15 of each year, beginning March 15, 2015. In addition, on February 10, 2015, the Notes began trading on the NYSE under the symbol TCCB.

The Company intends to invest the net proceeds of this public offering in lower middle market companies in accordance with its investment objective and strategies, and for working capital and general corporate purposes.

Keefe, Bruyette & Woods, Inc., Raymond James & Associates, Inc., BB&T Capital Markets, a division of BB&T Securities, LLC, and Janney Montgomery Scott LLC acted as joint book-running managers of this offering. JMP Securities LLC, Sterne, Agee & Leach, Inc. and Wunderlich Securities, Inc. acted as co-lead managers for this offering, and J.J.B. Hilliard, W.L. Lyons, LLC acted as a co-manager for this offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the Notes 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.

About Triangle Capital Corporation

Triangle Capital Corporation (www.TCAP.com) invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events. Triangle offers a wide variety of investment structures with a primary focus on mezzanine financing with equity components. Triangle's investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle's investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions. Triangle typically invests $5.0 million - $35.0 million per transaction in companies with annual revenues between $20.0 million and $200.0 million and EBITDA between $3.0 million and $35.0 million.

Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable New York Stock Exchange, federal and state laws and regulations. Triangle has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its stockholders.

Forward-Looking Statements

This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future and some of these uncertainties are enumerated in Triangle's filings with the Securities and Exchange Commission. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in Triangle's annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, each as filed with the Securities and Exchange Commission. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

CONTACT: Sheri Blair Colquitt
         Vice President, Investor Relations
         919-719-4784
         scolquitt@tcap.com

         Steven C. Lilly
         Chief Financial Officer
         919-719-4789
         slilly@tcap.com

Released February 13, 2015