Monroe Capital lifts revolver to $255 million, cuts pricing, extends

By Wendy Van Sickle

Columbus, Ohio, March 5 – Monroe Capital Corp. amended and restated its senior secured revolving credit facility on Friday, increasing the facility size by $55 million to $255 million, according to an 8-K filing with the Securities and Exchange Commission.

An accordion feature allows the revolver to be further increased up to a total of $400 million.

The period during which Monroe may draw on the facility was extended to March 1, 2023 from Dec. 14, 2019, and the final maturity was extended to March 1, 2024 from Dec. 14, 2020.

Interest was reduced to Libor plus 137.5 basis points from Libor plus 175 bps.

Additionally, the asset coverage covenant was reduced to 1.5x from 2.1x, and the consolidated interest coverage ratio was replaced with a minimum senior debt coverage ratio of 2x.

Borrowings will continue to be subject to compliance with a borrowing base and to the facility’s various covenants and the leverage restrictions.

ING Capital LLC is administrative agent, arranger and bookrunner.

Chicago-based Monroe Capital is a specialty finance company that principally invests in debt and equity investments of middle-market companies.

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