Daily News: June 18, 2013

Key EF Agents Gladstone Investment Credit Facility Increase

Gladstone Investment announced that it increased its line of credit borrowing capacity by $35 million to $105 million in aggregate with the addition of two new lenders.

Through Gladstone Investment’s wholly-owned subsidiary, Gladstone Business Investment the company is a party to a fifth amended and restated credit agreement, with Key Equipment Finance, as administrative agent, lead arranger and a lender. Branch Banking and Trust Company served as a lender and managing agent, originally providing for a three-year $70 million credit facility.

In conjunction with the facility increase, the company added AloStar Business Credit and EverBank Commercial Finance to the lenders syndicate. Subject to certain terms and conditions, the credit facility may further be expanded up to $200 million through the addition of other lenders to the facility.

Gladstone is a publicly traded business development company that seeks to make debt and equity investments in small and mid-sized businesses in connection with acquisitions, changes in control and recapitalizations.