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Triangle Capital Announces New $300MM Facility With BB&T, Others

May 07, 2015, 07:13 AM
Filed Under: Investment Financing

Triangle closed a new $300.0 million senior credit facility, which replaced thecompany’s existing $165.0 million senior credit facility.  The credit facility, which was jointly arranged by BB&T Capital Markets, ING Capital LLC and Fifth Third Bank, has an accordion feature which allows for an increase in the total borrowing size up to $350.0 million.  The credit facility’s availability period ends May 3, 2019, followed by a one-year amortization period with a final maturity date of May 3, 2020.  The interest rate for borrowings under the credit facility is LIBOR/CDOR plus 2.75%.  Including the effect of the new credit facility, the company’s total pro forma liquidity as of March 31, 2015, was in excess of $350.0 million.

Commenting on the company’s liquidity position, Steven C. Lilly, Chief Financial Officer of the Company, stated, “The new credit facility represents a significant step forward for Triangle as it provides us meaningful liquidity and optionality as we consider the most cost effective and appropriate method of funding new investment opportunities, as well as managing our existing balance sheet.  We are grateful to our partners at BB&T Capital Markets, ING Capital LLC and Fifth Third Bank for their leadership in arranging the new facility and we feel extremely fortunate that our bank syndicate contains such a strong group of seasoned lenders.”

Triangle Capital Corporation invests capital in established companies in the lower middle market to fund growth, changes of control and other corporate events.  Triangle offers a wide variety of investment structures with a primary focus on mezzanine financing with equity components.

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