Oaktree Specialty Lending updates financial covenants under revolver

By Marisa Wong

Morgantown, W.Va., Nov. 22 – Oaktree Specialty Lending Corp. entered into a ninth amendment on Nov. 17 to its amended and restated senior secured revolving credit agreement with ING Capital LLC, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The amendment decreases the minimum amount of shareholders’ equity the company is required to have as of the last day of any fiscal quarter, starting with the quarter ended Sept. 30, to $700 million.

The amendment also decreases the minimum amount of net worth that company is required to maintain at any time, starting with the quarter ending ended Sept. 30, to $650 million.

The credit agreement continues to be secured by a material portion of the company’s assets and guaranteed by some of its subsidiaries. Borrowings will continue to be subject to the facility’s other covenants and leverage restrictions, the filing noted.

Formerly Fifth Street Finance Corp., Oaktree Specialty is a specialty finance company based in Los Angeles. The business development company is managed by Oaktree Capital Management, LP.

© 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.