BB&T, Fifth Third Amend Triangle Capital’s Facility
Triangle Capital, a provider of capital to lower middle-market companies, announced that it amended its $165 million senior secured credit facility jointly arranged by BB&T Capital Markets and Fifth Third Bank.
Key provisions of the amendment include extending the maturity date by one year to September 17, 2017, allowing the company to borrow foreign currencies (initially Canadian Dollars) directly under the credit facility, and reducing the interest rate for borrowings by twenty basis points to LIBOR/CDOR plus 2.75%. The facility continues to have an accordion feature, which allows for an increase in the total loan size up to $215 million and also contains a one-year extension option.
“We are excited to expand our relationships with the nine lenders in our credit facility and to secure a key source of liquidity for an additional year on very attractive terms. In addition, the foreign currency borrowing provisions of the credit facility will provide enhanced flexibility as we evaluate new investment opportunities throughout North America,” commented Steven C. Lilly, CFO.