Solar Capital Adds New Lender, Increases Credit Capacity to $700MM
Solar Capital Ltd. announced that it has added a new lender, which has committed $40 million to its senior secured credit facility, consisting of an increase of $15 million of term loan and $25 million of revolving credit. Commitments under the facility now total $525 million. The facility matures in July of 2016 and can continue to be expanded under its accordion feature up to $800 million. The new commitment increases the company’s current credit capacity to $700 million.
“We are pleased to welcome another strategic investor into Solar Capital Ltd. Their long-term commitment to our business further increases and diversifies our funding sources and growth capital,” said Michael Gross, chairman and chief executive officer of Solar Capital Ltd.
Solar Capital Ltd. is a closed-end investment company that generate both current income and capital appreciation primarily through senior secured loans, mezzanine loans and equity investments in leveraged, middle-market companies.
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