BofA Provides MCG Capital With $20MM Revolver
MCG Capital announced that it has entered into an unsecured revolving credit facility with Bank of America in the principal amount of $20 million.
The revolving credit facility has a two year revolving period and draws under the facility will be used to provide financing to portfolio companies and for other general corporate purposes. Advances under the credit facility will bear interest at the LIBOR plus 3.5% per annum.
“We are extremely pleased to announce our new revolving credit facility,” said B. Hagen Saville, president and CEO. “We believe that the unsecured nature of this facility will create flexibility to manage and fully deploy our balance sheet.”
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle-market companies throughout the United States.