Solar Senior Capital cuts pricing on $200 million loans, now due 2017

By Susanna Moon

Chicago, Nov. 7 - Solar Senior Capital Ltd. said it amended its $200 million senior secured revolving credit facility, cutting pricing to Libor plus 200 basis points and extending the maturity to October 2017.

The rate was reduced from Libor plus 225 bps, and the facility continues to have no Libor floor, according to a company press release.

The changes also lower some unused fees.

"We are pleased with the enhanced terms of our credit facility, which strengthen our ability to optimize our portfolio of senior secured loans," Michael Gross, chairman and CEO of Solar Senior Capital, said in the release.

Solar Senior 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 including first-lien, unitranche, and second-lien debt instruments.

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