ING Capital Leads Medley Capital Upsize Amendment
Amends And Extends Credit Facility – total commitments now $517.5M (accordion to $600M); additional commitments of $152.5M with 3 new banks in bank group.
Medley Capital announced an amendment, extension and increase to its existing revolving credit facility and term loan credit facility. Medley noted that additional commitments of $152.5 million were provided by three new banks in the bank group.
The financing was led by ING Capital. The revolving facility was increased from $245 million to $346 million and the revolving period was extended from August 2015 to June 2017, followed by a one-year amortization period and a final maturity in June 2018.
The pricing on the revolving facility was reduced from LIBOR plus 3.25% to LIBOR plus 2.75% with no floor. Additionally, the term loan facility was increased from $120 million to $171.5 million and its bullet maturity was extended from August 2017 to June 2019. The pricing on the term loan facility was reduced from LIBOR plus 4% to LIBOR plus 3.25% with no floor. The combined revolving facility and term loan facility`s accordion feature was increased from $400 million to $600 million of total commitments.
New York, NY-based Medley Capital is an externally-managed, non-diversified closed-end management investment company.