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Citibank Provides $150MM Facility to TICC Funding

October 29, 2014, 07:07 AM
Filed Under: Lender Finance

TICC Capital Corp. announced TICC Funding, a special purpose vehicle and wholly-owned subsidiary of TICC Capital Corp., entered into a revolving credit facility with Citibank, N.A. The company also announced that it used part of the proceeds from the facility to redeem all of the $101,250,000 of secured notes issued by TICC CLO LLC. Subject to certain exceptions, pricing under the Facility is based on the London interbank offered rate ("LIBOR") for an interest period equal to three months plus a spread of 1.50% per annum. The secured notes previously issued under TICC CLO LLC were based on LIBOR for an interest period of three months plus a spread of 2.25% per annum.

Pursuant to the terms of the credit agreement governing the Facility, TICC Funding has borrowed, on a revolving basis, the maximum aggregate principal amount of $150 million. All amounts borrowed under the facility will mature, and all accrued and unpaid interest thereunder will be due and payable, on October 27, 2017.

TICC Capital Corp. is a publicly-traded business development company principally engaged in providing capital to established small and mid-size companies, investing in syndicated bank loans and purchasing debt and equity tranches of collateralized loan obligations.

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