Medley amends revolver to decrease commitments, adjust covenants

By Sarah Lizee

Olympia, Wash., Feb. 16 – Medley Capital Corp. entered into a fourth amendment to its existing amended and restated senior secured revolving credit agreement on Feb. 12 to reduce the size of the commitments and the accordion in order to decrease long-term interest expense by about $500,000, according to an 8-K filing with the Securities and Exchange Commission.

Also, the amendment decreased the minimum stockholders’ covenant to $275 million and decreased the minimum net worth covenant to $250 million.

The proceeds of the facility drawn on the closing date were used in part to prepay in full all loans outstanding under Medley’s amended and restated senior secured term loan credit agreement dated July 28, 2015.

As of Feb. 12, total commitments under the revolver were $150 million.

ING Capital LLC is the administrative agent.

Medley is a business development company based in New York.

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