Wells Extends OFS Revolver
OFS Capital Corporation announced that its wholly owned subsidiary, OFS Capital WM, entered into an amendment that extends the terms of its senior secured revolving credit facility with Wells Fargo Bank. This amendment was made effective as of November 22, 2013.
The reinvestment period on the OFS Capital WM credit facility was extended from December 31, 2013 to December 31, 2015, and the final maturity date was extended from December 31, 2016 to December 31, 2018. The facility continues to be secured by a pool of first lien senior secured loans, and the new terms include an increase in the advance rate from 65% to 70%. Additionally, the annual interest rate on the credit facility was reduced by 25 basis points, from LIBOR plus 2.75% to LIBOR plus 2.50% (with no floor).
“We are pleased with the extension and the improved terms of our senior secured revolving credit facility,” said Glenn Pittson, chairman and CEO for OFS Capital. “We appreciate Wells Fargo’s continuing to provide us with a flexible financing commitment that supports our company’s growth.”