Triangle Capital announced that it has closed a four-year senior secured credit facility with an initial commitment of $165 million. BB&T Capital Markets and Fifth Third Bank arranged the credit facility, which replaces the company’s existing $75 million senior secured credit facility.
The credit facility has an accordion feature which allows for an increase in the total loan size up to $215 million and also contains two one-year extension options bringing the total potential term to six years from closing. Borrowings under the credit facility will be at an interest rate of LIBOR plus 2.95%.
“We are delighted to have such strong support from our three existing long-term partners, as well as six additional lenders in this transaction. The high level of lender interest enabled us to increase the commitment by 10% from the initially contemplated facility of $150 million. The new $165 million credit facility provides us with significantly greater flexibility as we continue to expand our investment portfolio,” commented Steven C. Lilly, chief financial officer.
Raleigh, NC-based Triangle Capital invests in established companies in the lower middle-market to fund growth, changes of control and other corporate events.