TICC enters into $150 million three-year revolver, redeems CLO notes

By Marisa Wong

Madison, Wis., Oct. 29 – TICC Capital Corp. said that special-purpose vehicle and wholly owned subsidiary TICC Funding, LLC entered into a revolving credit facility on Monday with Citibank, NA.

TICC Funding has borrowed the maximum amount of $150 million, according to a press release.

The period during which TICC Funding may request additional borrowings under the facility will terminate on Oct. 27, 2016, according to an 8-K filing with the Securities and Exchange Commission.

All amounts borrowed under the facility will mature on Oct. 27, 2017.

Pricing is based on Libor plus a spread of 150 basis points.

The company also announced that it used part of the proceeds from the new facility to redeem all $101.25 million of secured notes issued by TICC CLO LLC.

The secured notes previously issued under TICC CLO LLC based on Libor plus a spread of 225 bps.

TICC is a Greenwich, Conn.-based business development company that provides capital to established small and mid-size companies, investing in syndicated bank loans and purchasing debt and equity tranches of collateralized loan obligations.

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