Solar Capital extends credit facility to 2021, adds pricing grid

By Marisa Wong

Morgantown, W.Va., Oct. 6 – Solar Capital Ltd. amended its senior secured credit agreement with Citibank, NA as administrative agent to extend the maturity date to Sept. 30, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also modifies the average interest spread from Libor plus 225 basis points by including a pricing grid based on Libor plus an applicable spread of 200 bps or 225 bps, depending on the ratio of the borrowing base to certain debt of the company.

In addition, the company temporarily increased the size of the facility to $555 million from $540 million.

The facility continues to include an accordion feature that allows the company to increase the size of the facility up to $800 million.

The amendment was completed on Sept. 30.

Solar Capital is a business development company based in New York.

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