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Alcentra Capital Leads Lenders in $17MM Term Loan for STI

January 06, 2015, 07:11 AM
Filed Under: Specialty Industries

Alcentra Capital Corporation announced today that Alcentra has led a $17 million second lien term loan financing to Southern Technical Institute, LLC and its affiliates ("STI" or the "Company"), of which Alcentra invested $12 million. The purpose of the financing was to refinance the Company's existing senior credit facilities and redeem capital that was used to facilitate the purchase of Southwest Florida College earlier this year. As a result of the financing, Alcentra redeemed $750,000 of equity capital and $7.8 million of senior secured debt. 

STI, headquartered in Orlando, Florida, is a Title IV accredited post-secondary vocational school which operates 9 campuses in and around Orlando, Tampa and Fort Myers. STI operates programs in areas such as HVAC, Medical Assisting, Medical Billing and Coding, Nursing, Electrical Trades, Accounting, Criminal Justice and Interior/Digital Design.

Alcentra is an externally-managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Alcentra's investment objective is to generate both current income and capital appreciation primarily by making direct investments in lower middle-market companies in the form of subordinated debt and, to a lesser extent, senior debt and minority equity investments. Alcentra's investment activities are managed by its investment adviser, Alcentra NY, LLC.

Alcentra NY, LLC is part of BNY Alcentra Group Holdings, Inc., one of the world's leading sub-investment grade credit asset managers focusing on the U.S. and European markets.

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