TPG Specialty ups senior secured revolving facility to $350 million

By Tali David

Minneapolis, July 9 - TPG Specialty Lending, Inc. increased its senior secured revolving credit facility to $350 million from $200 with its amended and restated agreement, effective July 3, according to an 8-K filed with the Securities and Exchange Commission.

In addition, the amendment increased the limit for swingline loans from $30 million to $50 million; extended the expiration of the revolving period to June 30, 2017 from Aug. 24, 2015, during which period the company, subject to certain conditions, may make borrowings under the facility; and extended the stated maturity date to July 2, 2018 from Aug. 23, 2016.

It also modified pricing increased advance rates for certain types of investments used in determining the borrowing base.

Furthermore, the facility also reduced the fee rate on undrawn commitment amounts to 37.5 basis points from 50 bps per annum. The facility continues to be guaranteed by certain subsidiaries of the company and secured by a perfected first-priority interest in substantially all the portfolio investments held by the company and each guarantor.

SunTrust Bank is the administrative agent and JPMorgan Chase Bank NA is the syndication agent.

TPG Specialty Lending is a Fort Worth, Texas-based specialty finance investment company focused on middle market lending.

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