Solar Capital increases secured facility commitments to $525 million

By Marisa Wong

Madison, Wis., Aug. 9 - Solar Capital Ltd. announced that it has added a new lender to its senior secured credit facility, lifting commitments by $40 million to $525 million.

Of the increase, $15 million was allocated to the company's term loan and $25 million was added to its revolving credit facility.

The senior secured facility due July 2016 can still be expanded to $800 million under its accordion feature. The new commitment increases the company's current credit capacity to $700 million.

"We are pleased to welcome another strategic investor into Solar Capital Ltd.," Michael Gross, Solar's chairman and chief executive officer, said in a press release.

"Their long-term commitment to our business further increases and diversifies our funding sources and growth capital."

Solar Capital is a closed-end investment company based in New York.

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