This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

THL Credit Increases Credit Facility To $410 Million, Extends Maturity And Reduces Pricing

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."

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,079.57 -42.44 -0.25%
S&P 500 1,996.74 -3.38 -0.17%
NASDAQ 4,557.6950 -11.9260 -0.26%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs