Runway Growth Finance has started an underwritten offering of unsecured notes as the business development company looks to refinance existing debt and support its broader capital needs. The Nasdaq-listed lender said proceeds could be used to redeem some or all of its outstanding 9.00% senior notes due January 2027, with the new securities potentially listing on the Nasdaq Global Select Market.

Runway Growth Finance Corp. has commenced an underwritten offering of unsecured notes, signaling a move to refinance part of its existing debt profile as it continues providing capital to late-stage and growth companies.

The company, which trades on Nasdaq under RWAY, said the interest rate and other terms of the new notes will be determined when the offering is priced. The transaction remains subject to market conditions and other customary requirements, meaning the final size, pricing and terms have not yet been established.

Runway Growth has applied to list the notes on the Nasdaq Global Select Market. If the listing is approved, the company expects the securities to begin trading within 30 days of their original issue date.

The planned use of proceeds provides the clearest indication of the transaction’s immediate financial objective. Runway Growth said it intends to use net proceeds to repay outstanding indebtedness, including potentially redeeming all or part of its existing 9.00% Senior Notes due January 31, 2027, referred to by the company as the SWK 2027 Notes.

As of September 23, Runway Growth had approximately $33 million outstanding under those notes. Refinancing that debt with a new unsecured issue could allow the company to adjust the maturity profile of its liabilities and potentially change its interest expense, depending on where the new notes are priced.

The transaction is particularly relevant in the private-credit market, where lenders and capital providers have increasingly become an important source of financing for companies that may prefer alternatives to conventional equity issuance.

Runway Growth describes itself as a provider of flexible capital solutions for late- and growth-stage companies. Its financing model sits within the broader private-credit and business-development-company ecosystem, where investment firms provide debt and other financing structures to companies seeking growth capital without relying exclusively on equity fundraising.

The new notes also illustrate the interaction between a lender’s own capital structure and its ability to finance portfolio companies. For firms such as Runway Growth, maintaining access to debt markets can be an important component of funding investment activity, managing maturities and balancing the cost of capital.

However, the economics of the proposed refinancing will not be clear until pricing is completed. The existing SWK 2027 Notes carry a 9.00% interest rate, while the rate on the new securities has not yet been announced. If the replacement debt carries a lower coupon, the refinancing could reduce interest costs; if market conditions require a higher rate, the benefit could be more limited.

The offering is being led by Oppenheimer & Co., B. Riley Securities, Lucid Capital Markets and MUFG Securities Americas as joint book-running managers. Compass Point Research & Trading, Ladenburg Thalmann, InspereX, William Blair and BC Partners Securities are serving as co-managers.

For investors, the transaction also highlights the importance of examining the company’s broader leverage, portfolio performance and funding costs rather than viewing the debt offering in isolation. Runway Growth’s ability to refinance existing obligations will depend not only on investor demand for the new securities but also on credit-market conditions and the performance of the underlying investment portfolio.

The offering is being conducted under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. The preliminary prospectus supplement dated September 23, 2026, and accompanying prospectus dated March 19, 2025, contain additional information about the securities, risks and expenses.

Because pricing has not yet occurred, the announcement should be viewed as the beginning of a potential refinancing transaction rather than a completed capital raise. The final coupon, principal amount, maturity and listing status will provide a clearer picture of how the transaction changes Runway Growth’s funding structure.

For the broader financial technology and banking technology landscape, the development is less about digital payments or fintech software and more about the infrastructure supporting modern private credit. As alternative lenders expand their role in corporate finance, access to diversified debt markets can become an important part of how these institutions manage liquidity, portfolio growth and refinancing risk.

Market Landscape

Runway Growth’s planned note offering sits within the private-credit, alternative lending and financial-infrastructure ecosystem rather than the consumer digital-payments segment.

Business development companies and other private-credit providers rely on multiple funding channels to finance investments in growth businesses. Publicly traded debt can provide another source of capital while allowing investors to gain exposure to corporate lending through listed securities.

For GlobalFinTechEdge, the transaction is relevant to financial technology and banking technology innovation because modern lending increasingly depends on technology-enabled underwriting, portfolio monitoring, capital-market infrastructure and digital investor access.

The key variable will be pricing: until the new notes are priced, investors cannot determine whether the transaction will materially improve Runway Growth’s cost of funding.

Top Insights

• Runway Growth has begun an unsecured-note offering aimed partly at refinancing approximately $33 million of existing 9% senior debt.
• The new notes have not yet been priced, leaving their interest rate, size and final terms undetermined.
• Runway Growth has applied to list the securities on Nasdaq Global Select, subject to approval.
• Proceeds may be used to redeem all or part of the company’s January 2027 senior notes.
• The refinancing illustrates how private-credit providers manage their own funding costs while financing growth-stage businesses.

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