Daily News: August 6, 2013

BB&T Provides MVC with $50MM Revolver

MVC Capital announced that BB&T has provided the company with a $50 million one-year revolving credit facility.

The additional $50 million credit facility will be used to enhance the company’s investment flexibility in managing MVC Capital’s investment portfolio. The facility bears interest at LIBOR plus 100 basis points.

“This $50 million revolving credit facility enhances our ability to increase activity, as we continue to pursue our strategy of targeting yielding investments,” said Michael Tokarz, Chairman & Portfolio Manager of MVC. “Over the past several months, we have secured more than 160 million in capital on favorable terms that should allow us to more actively engage in investments among middle-market companies looking to grow their businesses.”

MVC Capital is a business development company that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries.