Solar Capital Enters New $485M Credit Facility, May be Increased to $800M
Solar Capital Ltd. (NASDAQ: SLRC) announced today that it has entered into a new four-year $485 million senior secured credit facility (the "Facility"). The Facility is comprised of $450 million of revolving credit, which represents a $45 million increase over the prior revolving facility, and a $35 million term loan. The applicable margin on the Facility is 250 basis points over LIBOR, a 75 basis point reduction from the prior facilities. Consistent with the prior facilities, the Facility has no LIBOR floor requirement. The Facility matures in July, 2016 and includes a ratable amortization in the fourth year.
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