Solar Capital places $50 million of 4.4% notes due 2022 on Thursday

By Devika Patel

Knoxville, Tenn., Nov. 10 – New York business development company Solar Capital Ltd. settled a $50 million private placement of 4.4% senior unsecured notes due May 8, 2022.

Proceeds from the Solar Capital deal will be used to reduce borrowings under the company's revolving credit facility, for new portfolio investments and for general corporate purposes.

In other private placement news, Artesian Water Co., Inc. entered into a Nov. 7 interest rate lock agreement with CoBank, ACB to refinance the company’s series O and series Q first mortgage bonds, allowing for a maturity period of 20 years and a 4.24% interest rate for both series of bonds, effective through Jan. 20, 2017.

Artesian Water is the principal subsidiary of Artesian Resources Corp., a water utility based in Newark, Del.

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