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MVC Capital Secures $50MM Facility From Santander and Wintrust

December 11, 2015, 07:26 AM
Filed Under: Investment Financing

MVC Capital, Inc., a publicly traded business development company that makes private debt and equity investments, announced that it has entered into a three-year, $50 million revolving borrowing base credit facility with Santander Bank as a lender and lead agent and Wintrust Bank as a lender and syndication agent.  The revolving credit facility has an accordion feature that can increase the credit facility to $85 million.

The new facility bears an interest rate of LIBOR plus 375 basis points or the prime rate plus 1% (at MVC’s option), and includes a 1% closing fee of the commitment amount and a 0.75% unused fee.  The new facility will replace the $30 million bridge loan with Firstrust Bank that matures on December 31, 2015.

“Entering into this credit facility enables us to reduce our overall borrowing costs and enhances our investment flexibility,” said Michael Tokarz, Chairman & Portfolio Manager of MVC Capital.                    

MVC Capital is a Business Development Company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries.

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