Gladstone Capital amends, extends upsized $245 million facility

By William Gullotti

Buffalo, N.Y., June 22 – Gladstone Capital Corp. through subsidiary Gladstone Business Loan, LLC amended and restated its revolving credit agreement with KeyBank NA as administrative agent, lead arranger and lender on June 16, according to an 8-K filing with the Securities and Exchange Commission.

The amendments increased the revolver size to $245 million from $225 million, extended the availability period to Oct. 30, 2025 from Oct. 31, 2023 and subsequently pushed the final maturity date to Oct. 30, 2027.

The revolver includes a $105 million accordion feature, for a maximum size of $350 million.

Borrowings bear interest at SOFR plus 300 basis points during the availability period, with the margin stepping up by 50 bps on Oct. 30, 2025.

There is also a facility fee on the unused commitment that ranges from 35 bps to 100 bps, determined by the percentage of unused commitments.

At closing, Gladstone’s borrowing availability was $223.7 million.

Gladstone Capital is a McLean, Va.-based lower middle-market private equity company.

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