BOSTON, April 30, 2014 (GLOBE NEWSWIRE) -- THL Credit, Inc. (Nasdaq:TCRD) ("THL Credit" or the "Company") today announced the closing of an additional $85 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 $410 million of commitments. THL Credit also extended the final maturity of each of the term loan and revolving loan under the Credit Facility and reduced pricing. The additional commitments were arranged and led by ING Capital LLC.
As part of the closing, the revolving portion of the Credit Facility (the "Revolver") was increased to $303.5 million from $232 million. The Revolver's availability period was extended one year to May 2017, followed by a one-year amortization period with a final maturity in May 2018. The pricing on the Revolver was reduced to LIBOR (with no floor) plus 2.50 percent from LIBOR plus 3.00 percent.
Additionally, THL Credit raised an additional $13.5 million in the term loan portion of the Credit Facility (the "Term Loan"), bringing the outstanding commitments to $106.5 million. The Term Loan has a bullet maturity which was extended one year to May 2019. The pricing on the Term Loan was reduced to LIBOR (with no floor) plus 3.25 percent from LIBOR plus 4.00 percent.The Revolver and Term Loan each include an accordion feature permitting subsequent increases to either facility that would bring the Credit Facility up to an aggregate maximum of $600 million of commitments. "We value the long-standing and strong relationships we have with our existing lenders and appreciate their continued support of THL Credit," said Terrence W. Olson, chief operating officer and chief financial officer of THL Credit. "The increase, extension and re-pricing of our Credit Facility further expands our investment capacity on our current equity base, and extends the maturity of our liabilities while improving our cost of capital."