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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
ING Capital Leads $180MM Credit Facility for Capital Southwest
Monday, November 20, 2017
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Lenders/Participants
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ING Capital [Lead Lender]
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Structure
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Senior Secured Credit Facility Amendment
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Amount
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$180.000
Million
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Borrower(s)
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Capital Southwest Corporation
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Description
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Amendment to its Senior Secured Credit Facility (the “Credit Facility”). The amended Credit Facility provides total commitments of $180 million and an expansion of the accordion feature to $250 million to accommodate future growth of the Company. The amendment also includes, among other things, a reduction in pricing, an extension to the revolving period and final maturity, and an increase in advance rates on first lien loans made by the Company. Total commitments under the amended Credit Facility increased by $65 million, to an aggregate of $180 million, provided by a diversified group of eight lenders. The accordion feature of the amended Credit Facility allows for an increase in total commitments under the facility from new and existing lenders on the same terms and conditions as the existing commitments. As of quarter end September 30, 2017, Capital Southwest had $56 million outstanding on the Credit Facility. The pricing on the facility was reduced from LIBOR plus 3.25% to LIBOR plus 3.00%, with a step-down to LIBOR plus 2.75% when certain conditions, as outlined in the credit agreement, are met. Unused commitment fees were also reduced. The Credit Facility’s revolving period was extended from August 30, 2019 to November 16, 2020; and the final maturity was extended from August 30, 2020 to November 16, 2021.
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Industry
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Lender Finance
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Location
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TX
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| Related Tags |
ING Capital
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ABL Advisor
Deal Tables
2024
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