Gladstone Expands Facility to $185MM, Adds Four New Lenders
Gladstone Investment Corporation announced it increased its borrowing capacity on its line of credit by $80 million to $185 million in aggregate with the addition of four new lenders.
Through its wholly-owned subsidiary, Gladstone Business Investment, LLC, the company is a party to amendment no. 1 to the fifth amended and restated credit agreement, which was entered into on June 26, 2014, with Key Equipment Finance, BB&T, Everbank Commercial Finance and Alostar Bank of Commerce.
The credit agreement provided for a three-year $105 million credit facility but allowed the credit facility to be expanded by up to $145 million, to a total facility amount of $250 million, through additional commitments of existing or new committed lenders. On September 19, 2014, the company increased its borrowing capacity under the credit agreement from $105 million to $185 million by adding four new lenders East West Bank, M&T Bank, Customers Bank and Talmer Bank and Trust.
Gladstone Investment is a publicly traded business development company that seeks to make debt and equity investments in small and mid-sized businesses in the U.S. in connection with acquisitions, changes in control and recapitalizations.