Crescent Capital BDC obtains $75 million revolver via Capital One

By Marisa Wong

Morgantown, W.Va., June 30 – Crescent Capital BDC, Inc. entered into a $75 million revolving credit agreement on June 29 with Capital One, NA as administrative agent, lead arranger, managing agent and committed lender, according to an 8-K filing with the Securities and Exchange Commission.

The commitment amount may be increased with Capital One’s consent.

The maturity date is the earliest of (a) June 29, 2018, (b) the date on which the agent declares the obligations due and payable after the occurrence of an event of default and (c) 60 days prior to the date on which the borrower’s ability to call capital commitments for the purpose of repaying the obligations is terminated.

Borrowings bear interest at Libor or CDOR plus 155 basis points.

Proceeds of the advances under the revolver may be used to acquire portfolio investments and to make distributions.

Crescent is a Los Angeles-based business development company with a focus on originating and investing primarily in secured debt, unsecured debt and related equity securities of private U.S. middle-market companies.

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