THL Credit gets $115 million three-year loan at Libor plus 350 bps

By Susanna Moon

Chicago, March 11 - THL Credit, Inc. said it closed a three-year syndicated credit facility led by ING Capital LLC with an initial amount of $115 million.

Interest will be Libor plus 350 basis points, with no Libor floor.

An accordion feature provides for expanding the facility up to $125 million.

"This credit facility significantly expands our investment fairway and our ability to invest at the most attractive risk-adjusted rates of return," James K. Hunt, chief executive officer of THL Credit, said in a press release.

"We expect to begin drawing on our credit facility after investing our initial public offering proceeds. Future borrowings from the facility are expected to be accretive to our earnings and enhance returns to our stockholders."

THL Credit Group is the credit affiliate of Thomas H. Lee Partners, LP, a Boston-based leveraged buyout firm.

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