Daily News: February 8, 2019

Crown Capital Receives $25MM Revolver from Alberta Treasury Branches


Crown Capital Partners alternative investment fund Crown Capital Partners Fund entered into an agreement for a $25 million senior secured revolving credit facility with Alberta Treasury Branches.

Crown Partners Fund is the primary vehicle through which Crown provides event-driven financing solutions to mid-market businesses. The Fund currently has 13 loans outstanding, totaling approximately $201 million.

“This new credit facility represents another important capital development milestone for Crown, giving us additional capacity to support the growth of this special situations portfolio while managing fund flows more efficiently,” said Chris Johnson, Crown president and CEO. “We appreciate the continued support of ATB and are pleased to broaden our relationship with them. We anticipate increasing this credit facility over time as we continue to build the investment portfolio.”

In 2018, Crown announced several amendments to Crown Partners Fund, including the extension of the investment period to the end of 2019, with provisions to further extend the investment period with the approval of limited partners, and an increase in the maximum size of the fund to $500 million, from $300 million previously.

The credit facility will provide financing at a variable interest rate based on the Bankers’ Acceptance rate plus 225 bps to 325 bps and has a customary set of covenants. It will mature on May 31, 2022 and is subject to extension annually.

Crown also extended the maturity of its existing $35 million senior secured revolving corporate credit facility to May 31, 2021.