Deutsche Bank Provides $50MM Credit Facility to TCP Capital
Specialty finance company TCP Capital announced that, through its indirect, wholly-owned subsidiary, TCPC Funding I, it has secured a new $50 million revolving credit facility from Deutsche Bank AG. The credit facility, which matures on May 15, 2016, contains an accordion feature which allows for expansion of the facility up to $100 million, subject to consent from Deutsche Bank AG and other customary conditions.
Borrowings under the credit facility will bear interest at a rate of LIBOR plus 2.75% per annum. The new credit facility provides additional leverage to TCPC Capital, beyond its existing $250 million consolidated leverage facility.
TCP Capital’s chairman and CEO Howard Levkowitz stated, “We are extremely pleased to have obtained this new and highly attractive three-year credit facility. It provides us with the access to capital and the flexibility we need to capitalize on the robust pipeline of investment opportunities we are seeing across a wide variety of industries.”
TCP Capital is an externally-managed specialty finance company focused on performing credit lending to middle-market companies with established market positions.