Medley Capital gets $55 million term loan, amends pricing on revolver

By Toni Weeks

San Diego, Sept. 4 - Medley Capital Corp. announced that it has increased its existing revolving credit facility to $132.5 million from $125 million and taken on an additional $55 million in senior term debt, increasing the company's financing capacity by $62.5 million to $187.5 million.

According to a press release, the company also secured an accordion feature under the facilities, which allows subsequent increases to maximum borrowings of $300 million.

The revolving period was extended by one year to August 2015. After a one-year amortization period, the facility matures in August 2016.

Pricing on the revolver was reduced to Libor plus 375 basis points with no floor and provides for a step-down in pricing to Libor plus 325 bps if the company's net asset value exceeds $350 million.

The term loan has a bullet maturity in August 2017 and bears interest at Libor plus 400 bps with no floor.

The lending group was expanded to include EverBank Commercial Finance, Inc. and was led by ING Capital.

New York-based Medley Capital is a closed-end management investment company that invests in privately negotiated debt and equity securities of middle-market companies.

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