By Lisa Kerner
Charlotte, N.C., May 14 - Solar Capital Ltd. completed the private placement of $75 million of 5.875% senior secured notes due May 10, 2017 with institutional investors.
Solar Capital may prepay the notes in whole or in part at any time at par plus accrued interest and a make-whole amount.
Proceeds will be used to fund new portfolio investments, to reduce outstanding borrowings and/or commitments on the company's revolving credit facility and for general corporate purposes.
The notes bring Solar Capital's total debt capacity to $615 million, a company news release said.
Solar Capital is a New York-based closed-end investment company that invests primarily in leveraged, middle-market companies in the form of senior secured loans, mezzanine loans and equity securities.
| Issuer: | Solar Capital Ltd.
|
| Issue: | Senior secured notes
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| Amount: | $75 million
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| Maturity: | May 10, 2017
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| Coupon: | 5.875%
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| Call option: | At par plus accrued interest and make-whole amount
|
| Distribution: | Private placement
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