THL Credit announced the closing of an additional $50 million of commitments to its senior secured revolving loan and term loan credit facilities, which brings the aggregate size of the credit facility to $240 million of commitments. THL Credit also extended the final maturity.

As part of the closing, the syndicated revolving portion of the credit facility led by ING Capital was increased from $140 million to $170 million. The revolver’s availability period was extended one year to May 2016, followed by a one-year amortization period with a final maturity in May 2017. The pricing on the revolver was reduced to LIBOR (with no floor) plus 3.25% and plus 3% when the revolver is drawn 35% or more.

Additionally, THL Credit raised an additional $20 million in the term loan portion of the credit facility. The term loan has a bullet maturity which was extended one year to May 2018, and bears interest at LIBOR plus 4% (with no floor).

The revolver and term loans 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 our two new lenders that have joined our lender group. The increase and extension of our Credit Facility further expands our investment capacity, optimizes our current cost of capital and extends the maturity of our liabilities,” said James K. Hunt, chief executive officer of THL Credit.

THL Credit is a direct lender that invests in subordinated or mezzanine, debt and second lien secured debt, which may include an associated equity component such as warrants, preferred stock or other similar securities.

ING Capital is an indirect U.S. subsidiary of ING Bank NV, which is part of the global financial services company ING Group.