Solar Capital enters upsized $545 million five-year credit facility

By Wendy Van Sickle

Columbus, Ohio, Aug. 29 – Solar Capital Ltd. entered into a new senior secured credit agreement with Citibank, NA as administrative agent to provide for a $545 million five-year credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility replaces and refinances Solar Capital’s existing $530 million senior secured credit facility dated June 29, 2012, which was set to mature in September 2021.

The new credit facility includes an accordion feature permitting the total facility size to be increased up to $800 million.

As under the previous credit facility, borrowings bear interest at Libor plus a margin ranging from 200 basis points to 225 bps, with a 0% Libor floor.

Solar Capital is a closed-end, externally managed, non-diversified management investment company.

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