Fidus Investment plans to repay credit facility debt via note proceeds

By Wendy Van Sickle

Columbus, Ohio, Feb. 5 – Fidus Investment Corp. plans to repay outstanding debt under its existing credit facility with ING Capital LLC with proceeds of $60 million of new 6% $25-par notes due 2024, according to a news release Tuesday.

However, the company said it may re-borrow under the credit facility and use those borrowings to invest in lower middle-market companies in accordance with its investment objective and strategies and for working capital and general corporate purposes.

As of Feb. 4, the company had $75 million outstanding under its credit facility, which matures on June 16, 2019.

Borrowings under the credit facility currently bear interest at Libor plus 350 basis points.

Fidus is an Evanston, Ill.-based externally managed, closed-end, non-diversified management investment company.

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