Daily News: September 14, 2017

ING Agents Medley Capital Facility Downsize

Medley Capital amended its senior secured credit facilities and completed a voluntary partial prepayment of the company’s term loan credit facility.

The term loan balance was reduced from $174 million to $102 million via voluntary prepayment.

The amendment to the credit facilities, among other things, reduced the minimum Consolidated Interest Coverage Ratio from “2.50 to 1.00″ to “1.50 to 1.00.”

“We are pleased with our lending partners’ continued support of the company. This will allow us to better utilize our revolving credit facility and lower interest expense,” said Sam Anderson, head of Capital Markets. “Additionally, the amendment will provide us greater flexibility to drive shareholder value.”

According to a related 8K filing, ING Capital served as administrative agent.

Medley Capital is a closed-end, externally managed business development company.