Alcentra Leads $17MM Term Loan to Support STI Refi
Alcentra Capital announced it led a $17 million second lien term loan financing to Southern Technical Institute (STI) and its affiliates, of which Alcentra invested $12 million. The purpose of the financing was to refinance the company’s existing senior credit facilities and redeem capital that was used to facilitate the purchase of Southwest Florida College earlier this year. As a result of the financing, Alcentra redeemed $750,000 of equity capital and $7.8 million of senior secured debt.
Orlando-headquartered STI is a Title IV accredited post-secondary vocational school that operates 9 campuses in and around Orlando, Tampa and Fort Myers.