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Triangle Capital gets $165 million four-year loans via Branch Banking
By Susanna Moon
Chicago, Sept. 19 - Triangle Capital Corp. obtained its initial commitment of $165 million under a four-year senior secured credit facility with Branch Banking and Trust Co. as administrative agent on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
BB&T, Fifth Third Bank, Morgan Stanley Bank, NA, ING Capital LLC, Stifel Financial Corp., First Tennessee Bank NA, Park Sterling Bank, Raymond James Bank, NA and CapStone Bank are the lenders.
The amended facility, which is structured to operate like a revolving credit facility, is secured primarily by the company's assets, excluding the assets of the company's wholly owned SBIC subsidiaries, the filing noted.
Triangle said on Sept. 18 that it closed the facility at Libor plus 295 basis points.
As previously noted, the facility was arranged by BB&T Capital Markets and Fifth Third Bank and replaces the company's $75 million senior secured credit facility.
The agreement contains an accordion feature, which allows for an increase in the total loan size up to $215 million and also contains two one-year extension options, bringing the total potential term to six years from closing, according to a company press release.
"We are delighted to have such strong support from our three existing long-term partners, as well as six additional lenders in this transaction," Steven C. Lilly, chief financial officer, said in the company's press release Tuesday.
The company initially planned to obtain a $150 million facility, the release noted.
"The new $165 million credit facility provides us with significantly greater flexibility as we continue to expand our investment portfolio," Lilly added.
Triangle Capital is a specialty finance company that provides customized financing solutions to lower middle market companies. The company is based in Raleigh, N.C.
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