ING Capital Arranges THL Credit Facility Increase
THL Credit announced the closing of $85 million of commitments to its senior secured revolving loan and term loan credit facilities. Total commitments to the facility are $325 million, comprised of $232 million committed to the revolver and $93 million committed to the term loan. ING Capital acted as lead arranger.
The revolver and term loan each include an accordion feature permitting subsequent increases to either facility up to an aggregate maximum of $400 million of commitments.
“We value the strong relationships with our existing lenders and appreciate their continued support. We are also pleased to welcome four new lenders that have joined our lender group and we look forward to working with them as we continue to grow our investment portfolio,” said Terrence W. Olson, chief operating and chief financial officer of THL Credit.
THL Credit also announced the closing of $187 million in capital commitments for THL Credit Greenway Fund II, a portfolio company of THL Credit, and a related separate account. Greenway II is an investment vehicle with capital committed primarily by institutional investors. Greenway II is managed by THL Credit, which receives certain fees from Greenway II relating to its management services including a base management fee, a performance fee and a portion of the closing fees on each investment transaction. Greenway II invests in securities similar to those of THL Credit pursuant to investment and allocation guidelines.
James K. Hunt, chief executive officer of THL Credit, said, “THL Credit is proud to have world class U.S. and international institutional investors make significant commitments to Greenway II. Investing alongside Greenway II enhances THL Credit’s ability to compete in the market, and is expected to continue to drive attractive deployment of our capital across a broader range of investment opportunities, which will be accretive to our shareholders.”