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Gladstone Expands Credit Facility With Key Equipment Finance, Others

September 23, 2014, 07:29 AM
Filed Under: Investment Financing

Gladstone Investment Corporation announced that on Sep. 19, it increased its borrowing capacity on its line of credit by $80 million to $185 million in aggregate with the addition of four new lenders. Through its wholly-owned subsidiary, Gladstone Business Investment, LLC, the company is a party to Amendment No. 1 to the Fifth Amended and Restated Credit Agreement (the "Credit Agreement"), which was entered into on June 26, 2014, with Key Equipment Finance, a division of Keybank National Association, Branch Banking and Trust Company, Everbank Commercial Finance, Inc. and Alostar Bank of Commerce. The Credit Agreement provided for a three-year $105 million credit facility but allowed the credit facility to be expanded by up to $145 million, to a total facility amount of $250 million, through additional commitments of existing or new committed lenders. On September 19, 2014, the company increased its borrowing capacity under the Credit Agreement from $105 million to $185 million by adding four new lenders: East West Bank, Manufacturers and Traders Trust, Customers Bank, and Talmer Bank and Trust.

Gladstone Investment Corporation is a publicly traded business development company that seeks to make debt and equity investments in small and mid-sized businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Gladstone Investment has paid 110 consecutive monthly cash distributions on its common stock.

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