Solar Capital Adds Lender, Raises Credit Capacity to $700MM

Solar Capital announced that it has added a new lender, which has committed $40 million to its senior secured credit facility, consisting of an increase of $15 million of term loan and $25 million of revolving credit. Commitments under the facility now total $525 million. The facility matures in July of 2016 and can continue to be expanded under its accordion feature up to $800 million. The new commitment increases the company’s current credit capacity to $700 million.

“We are pleased to welcome another strategic investor into Solar Capital Ltd. Their long-term commitment to our business further increases and diversifies our funding sources and growth capital,” said Michael Gross, chairman and chief executive officer of Solar Capital.

Solar Capital is a closed-end investment company that generates both current income and capital appreciation primarily through senior secured loans, mezzanine loans and equity investments in leveraged, middle-market companies.