RALEIGH, N.C., June 26, 2013 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP) ("Triangle" or the "Company"), a leading provider of capital to lower middle market companies, today announced that it has amended its $165.0 million senior secured credit facility ("Credit Facility") jointly arranged by BB&T Capital Markets and Fifth Third Bank. Key provisions of the amendment include extending the maturity date by one year to September 17, 2017, allowing the Company to borrow foreign currencies (initially Canadian Dollars) directly under the Credit Facility, and reducing the interest rate for borrowings by twenty basis points to LIBOR/CDOR plus 2.75%. The Credit Facility continues to have an accordion feature which allows for an increase in the total loan size up to $215.0 million, and also contains a one-year extension option.
"We are excited to expand our relationships with the nine lenders in our Credit Facility and to secure a key source of liquidity for an additional year on very attractive terms. In addition, the foreign currency borrowing provisions of the Credit Facility will provide enhanced flexibility as we evaluate new investment opportunities throughout North America," commented Steven C. Lilly, Chief Financial Officer.
About Triangle Capital CorporationTriangle Capital Corporation ( www.TCAP.com ) invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events. Triangle offers a wide variety of investment structures with a primary focus on mezzanine financing with equity components. Triangle's investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle's investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions. Triangle typically invests $5.0 million - $30.0 million per transaction in companies with annual revenues between $20.0 million and $200.0 million and EBITDA between $3.0 million and $25.0 million. Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NYSE, federal and state laws and regulations. Triangle has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its stockholders.