Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for MSC Income Fund, Inc. > News item |
MSC Income Fund increases, extends revolver, trims pricing
By Rebecca Melvin
Concord, N.H., Sept. 28 – MSC Income Fund Inc. amended its credit agreement with TIAA, FSB as administrative agent on Sept. 22, according to an 8-K filing with the Securities and Exchange Commission.
Under the amendment, the senior secured revolving commitments were increased to $165 million from $130 million with an accordion feature permitting commitments from new and existing lenders on the same terms and conditions as the existing commitments, up to a total of $200 million.
The amendment also extends the revolving portion of the facility to Sept. 1, 2025 and the final maturity of the overall facility to March 1, 2026.
Financial covenants were amended to reduce the asset coverage ratio from 2.1x to 2x, and the applicable margin was reduced to Libor plus 240 basis points from Libor plus 260 bps.
It also updated Libor transition provisions, among other things.
The $35 million net increase in total revolver commitments was the result of increased commitments from several existing lenders and the addition of a new lender, which diversifies the company’s lending group under the facility to a total of six.
In addition, the company continues to maintain two, one-year extension options under the amended credit facility, which could extend the revolving period and final maturity for up to two additional years.
The specialty finance company is based in Houston and provides long-term debt and equity capital to lower middle market companies. MSC is a Melville, N.Y.-based distributor of a broad range of industrial products to industrial customers.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.