Logan Ridge increases KeyBank revolver to $75 million

By Wendy Van sickle

Columbus, Ohio, May 10 – Logan Ridge Finance Corp. amended its existing senior secured revolving credit facility agreement with KeyBank to increase the initial commitment to $75 million from $25 million, according to a news release.

An uncommitted accordion feature allows the company to borrow up to an additional $125 million.

The amended credit facility matures May 10, 2027.

Borrowings will bear interest at one-month term SOFR with a 0.4% term SOFR floor plus 290 basis points during the three-year revolving period and 325 bps thereafter.

The company drew an initial $49.1 million on May 10.

Proceeds will be used with cash on hand to repay the company’s outstanding $52.1 million of 5.75% convertible notes and its remaining $22.8 million of 6% notes, both of which mature on May 31.

The business development company that invests primarily in first-lien loans and, to a lesser extent, second-lien loans and equity securities issued by lower middle market companies is based in New York.

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