Medley Capital Adds Stamford First Bank to Credit Facility
Medley Capital announced the closing of $5 million of additional commitments to its senior secured revolving credit facility led by ING Capital. Stamford First Bank, a division of the Bank of Canaan, joined the lending group and committed $5 million to the facility. Total commitments to the credit facility are now $137.5 million.
The combined $55 million in senior term debt and the credit facility increases Medley Capital’s current financing capacity to $192.5 million and provides for an aggregate accordion feature permitting subsequent increases to the Facilities up to an aggregate maximum amount of $300 million.
“We are pleased to add Stamford First Bank to our growing bank group,” said Brook Taube, chief executive officer of the company. “We intend to utilize the additional lending commitment to grow our investment portfolio and we look forward to working with Stamford First Bank as we expand our business in the years ahead,” continued Taube.