Medley Capital amends covenants under revolving facility, term loan

By Marisa Wong

Morgantown, W.Va., Sept. 22 – Medley Capital Corp. amended its existing amended and restated senior secured revolving credit agreement and its existing amended and restated senior secured term loan credit agreement on Sept. 16, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The facilities were amended to, among other things, decrease the minimum stockholders’ equity covenant to $350 million from $400 million, decrease the minimum net worth covenant to $325 million from $400 million and add a limit to the total amount of stock repurchases to $65.5 million over the lifetime of the facilities.

ING Capital LLC is the administrative agent.

Medley Capital is a New York-based business development company.

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