Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Solar Senior Capital Ltd. > News item |
Solar Senior upsizes, extends first-lien loan program credit facility
By Wendy Van Sickle
Columbus, Ohio, Aug. 15 – Solar Senior Capital Ltd. said a wholly owned subsidiary of its first-lien loan program, a joint venture with Voya Investment Management to invest in first-lien senior secured loans to U.S. middle market companies, has extended and increased its senior secured revolving credit facility.
The $25 million commitment increase to $100 million and maturity extension to August 2021 were effected via an amendment to the credit agreement, according to a news release.
Wells Fargo Bank is acting as administrative agent for the facility. As of June 30, Solar Senior had contributed $29.58 million of its $50.75 million equity commitment to the first-lien loan program (FLLP).
"We are pleased with the initial success of FLLP, as well as the opportunity to grow our partnership with Wells Fargo and Voya," Michael Gross, Solar Senior's chairman and chief executive officer, said in the release. "With this $25 million incremental borrowing capacity, we intend to complete the ramp of FLLP's portfolio and achieve our low-to-mid teens target (return on equity). We view this strategic initiative as a compelling way to grow Solar Senior's net investment income while investing in first-lien senior secured floating-rate loans."
Based in New York, Solar Senior invests primarily in leveraged, middle-market companies in the form of senior secured loans, including first-lien, unitranche and second-lien debt instruments.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.