Triangle Capital refinances with $165 million four-year facility

By Susanna Moon

Chicago, Sept. 18 - Triangle Capital Corp. said it closed a four-year senior secured credit facility with an initial commitment of $165 million at Libor plus 295 basis points.

The facility was arranged by BB&T Capital Markets and Fifth Third Bank and replaces the company's $75 million senior secured credit facility.

The agreement contains an accordion feature, which allows for an increase in the total loan size up to $215 million and also contains two one-year extension options, bringing the total potential term to six years from closing, according to a company press release.

"We are delighted to have such strong support from our three existing long-term partners, as well as six additional lenders in this transaction," Steven C. Lilly, chief financial officer, said in the release.

The company initially planned to obtain a $150 million facility, the release noted.

"The new $165 million credit facility provides us with significantly greater flexibility as we continue to expand our investment portfolio" Lilly added.

Triangle Capital is a specialty finance company that provides customized financing solutions to lower middle market companies. The company is based in Raleigh, N.C.

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