Carlyle Secured Lending amends $688 million revolver due 2027

By William Gullotti

Buffalo, N.Y., June 1 – Carlyle Secured Lending, Inc., formerly known as TCG BDC, Inc., amended its $688 million senior secured revolving credit agreement on May 25 with JPMorgan Chase Bank, NA as administrative agent, collateral agent, swingline lender, lead arranger and bookrunner, according to an 8-K filing with the Securities and Exchange Commission.

The amendment updated all references in the agreement and guarantee to reflect the company’s name change.

The revolver has a $212 million accordion feature, subject to lender approval, which would increase facility commitments to $900 million.

The revolver has a $50 million sublimit for swingline loans and a $20 million sublimit for letters of credit.

Borrowings will bear interest at SOFR, CDOR, ESTR, Sonia, RFR or Euribor plus a margin of either 175 basis points or 187.5 bps, determined by the ratio of the company’s borrowing base against its combined debt amount. The lower margin amount will apply if the company’s gross borrowing base is greater than or equal to 1.6 times its combined debt amount.

Carlyle will also pay a 37.5 bps fee on the undrawn amount of the revolver.

The credit facility is secured by a first-lien security interest in substantially all of the portfolio investments held by the company.

Although the facility matures May 25, 2027, the availability period will terminate May 25, 2026, at which time Carlyle will be obligated to make mandatory prepayments out of the proceeds of certain asset sales, other recovery events and equity and debt issuances.

Proceeds from the facility are permitted to be used for general corporate purposes in the ordinary course of business, including funding portfolio investments.

Based in New York, Carlyle Secured Lending is an externally managed specialty finance company focused on lending to middle-market companies.

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