Solar Senior to reduce revolver borrowings with proceeds from notes

By Sarah Lizee

Olympia, Wash., March 31 – Solar Senior Capital Ltd. plans to reduce borrowings under its revolving credit facilities using proceeds from an offering of senior notes, according to a press release.

The company announced Tuesday that it sold $85 million of 3.9% five-year senior notes in a private placement.

Proceeds will also be used for general corporate purposes.

Based in New York, Solar Senior Capital invests primarily in leveraged, middle-market companies in the form of senior secured loans, including first-lien, unitranche and second-lien debt instruments.

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