TPG Specialty Lending increases size of revolver to $250 million

By Angela McDaniels

Tacoma, Wash., Dec. 29 - TPG Specialty Lending, Inc. amended and restated its revolving credit facility on Dec. 22, increasing the maximum principal amount to $250 million from $150 million, according to an 8-K filing with the Securities and Exchange Commission.

The amended and restated revolver has a $50 million accordion and a $75 million sublimit for standby letters of credit.

The maximum amount of the revolver and the letters-of-credit sublimit are subject to availability under a borrowing base that is based on unfunded capital commitments and outstanding debt.

The maturity date will be the earlier of Dec. 22, 2013 and 25 days prior to a qualifying initial public offering of the company.

Proceeds may be used for investment activities, expenses, working capital requirements and general purposes.

The interest rate is Libor plus a margin that was not disclosed.

The company originally entered into the revolver on Sept. 28. The interest rate on the original revolver was Libor plus 250 basis points.

Deutsche Bank Trust Co. Americas is the administrative agent.

TPG is a specialty finance investment company based in Fort Worth.

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