ING Capital Closes $30MM Fidus Facility
Fidus Investment announced the closing of a new $30 million, four-year senior secured revolving credit facility led by ING Capital.
The credit facility has a maturity date of June 16, 2018. Borrowings under the credit facility bear interest, subject to the company’s election at the time of borrowing, on a per annum basis equal to the alternate base rate plus 2.5% or the applicable LIBOR rate plus 3.5%. The alternate base rate is equal to the greater of prime rate, the federal funds rate plus 0.5% or the three-month LIBOR rate plus 1.0%. The credit facility contains an accordion feature which allows for an increase in total commitments up to $75 million.
“Fidus’ first credit facility rounds out our current funding sources and provides us with additional growth capital and flexibility to continue to selectively grow our investment portfolio on attractive terms. It also complements our existing 10-year SBA financing through our small business investment company subsidiaries,” said Edward Ross, chairman and CEO of Fidus Investment. “We look forward to forging a strong long term relationship with ING Capital.”