Allied Capital gets $632.5 million revolver

By Sara Rosenberg

New York, April 10 -Allied Capital Corp. closed on a new $632.5 million three-year unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Bank of America acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on April 9. Branch Banking and Trust Co. acted as the syndication agent, and SunTrust and Merrill Lynch acted as co-documentation agents.

Pricing on the revolver is Libor plus 200 basis points, with a 50 bps commitment fee.

There is an $867.5 million accordion feature.

Financial covenants include asset coverage, debt to equity and interest coverage, and a minimum net worth.

Proceeds were used to refinance the company's existing credit facility.

At closing, there was $210.8 million outstanding on the revolver, and the amount available under the line was $325.4 million, net of amounts committed for standby letters of credit of $96.3 million.

Allied Capital is a Washington, D.C.-based principal investment firm specializing in buyouts, acquisitions, recapitalizations, note purchases, growth capital, and middle market equity and debt investments.

© 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.