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BOSTON, March 19, 2013 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit" or the "Company") today announced the closing of an additional $50 million of commitments to its senior secured revolving loan and term loan credit facilities (the "Credit Facility"), which brings the aggregate size of the Credit Facility to $240 million of commitments. THL Credit also extended the final maturity of the Credit Facility.
As part of the closing, the syndicated revolving portion of the Credit Facility led by ING Capital LLC (the "Revolver") was increased from $140 million to $170 million. The Revolver's availability period was extended one year to May 2016, followed by a one-year amortization period with a final maturity in May 2017. The pricing on the Revolver was reduced to LIBOR (with no floor) plus 3.25 percent, and plus 3.00 percent when the Revolver is drawn 35 percent or more.
Additionally, THL Credit raised an additional $20 million in the term loan portion of the Credit Facility (the "Term Loan"). The Term Loan has a bullet maturity which was extended one year to May 2018, and bears interest at LIBOR plus 4.00 percent (with no floor).
The Revolver and Term Loans each include an accordion feature permitting subsequent increases to either facility up to an aggregate maximum of $400 million of commitments.
"We value the strong relationships with our existing lenders and appreciate their continued support. We are also pleased to welcome our two new lenders that have joined our lender group. The increase and extension of our Credit Facility further expands our investment capacity, optimizes our current cost of capital and extends the maturity of our liabilities," said James K. Hunt, chief executive officer of THL Credit.
About THL Credit
THL Credit is an externally-managed, non-diversified closed-end management investment company that has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. THL Credit's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies.