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Texas Capital Bank, StoneCastle Increase Credit Facility to $70MM

January 21, 2015, 07:31 AM
Filed Under: Investment Financing

StoneCastle Financial Corp., an investment company registered with the Securities and Exchange Commission, announced it has closed an additional $25 million revolving credit facility for a total of $70 million.

The facility closed on January 16, 2015 and has a stated maturity date of June 2019 and was led by Texas Capital Bank, headquartered in Dallas.

The facility will be secured by substantially all of the assets of the company. "The use of proceeds will facilitate StoneCastle Financial's continued investment in attractive community banks," said Joshua Siegel, chairman and chief executive officer.

StoneCastle Financial is an SEC registered non-diversified, closed-end investment company listed on the NASDAQ Global Select Market under the symbol "BANX." StoneCastle Financial intends to make long-term, passive, non-control investments in community banks seeking capital for organic growth, acquisitions, share repurchases and other refinancing activities. Its investment objective is to provide current income and, to a lesser extent, capital appreciation. StoneCastle Financial is managed by StoneCastle Asset Management LLC.

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