Medley Capital Closes Additional $70MM to Facility Led by ING
Medley Capital announced the closing of an additional $70 million of commitments to its senior secured revolving and term loan credit facilities. The credit facility was arranged and led by ING Capital. Key Equipment Finance and City National Bank joined the lending group and committed $45 million and $15 million, respectively, to the credit facility. ING also increased its commitment by $10 million.
Total commitments to the credit facility are $262.5 million, comprised of $182 million committed to the revolving credit facility and $80.5 million committed to the term loan facility. The credit facility provides for an aggregate accordion feature permitting subsequent increases to the credit facility up to an aggregate maximum amount of $300 million.
“We are pleased to add Key and City National to our growing bank group,” said Brook Taube, Medley’s chief executive officer. “We intend to utilize the additional lending commitment to grow our investment portfolio and we look forward to working with our bank group as we expand our business in the years ahead.”