Medley Capital taps accordion, lifts loan commitments to $300 million

By Susanna Moon

Chicago, Jan. 23 - Medley Capital Corp. said it closed $37.5 million more credit facility commitments led by ING Capital LLC, boosting the total amount of the loan to $300 million, by exercising the $37.5 million accordion.

The company upsized the revolver to $200 million and the term loan to $100 million, according to a company press release.

The company said on Dec. 13 that it amended its credit facility, increasing the revolver to $182 million from $132.5 million and the term loan to $80.5 million from $55 million.

As reported before, pricing on the revolver was Libor plus 375 basis points with a step-down to Libor plus 325 bps if net asset value exceeds $350 million, and pricing on the term loan was Libor plus 400 bps. There is no Libor floor on the tranches.

The previous amendment was completed on Dec. 7 with ING Capital LLC as the administrative agent on the deal.

Medley Capital is a New York-based closed-end management investment company.

© 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.