Triangle Capital enters $300 million senior credit facility due 2020

By Marisa Wong

Madison, Wis., May 6 – Triangle Capital Corp. closed a new $300 million senior credit facility on March 4, according to a press release.

The credit facility replaced the company’s $165 million senior credit facility.

The new facility, which was jointly arranged by BB&T Capital Markets, ING Capital LLC and Fifth Third Bank, has an accordion feature that allows for an increase in the total borrowing size up to $350 million.

The facility’s availability period ends May 3, 2019, followed by a one-year amortization period with a final maturity date of May 3, 2020.

The interest rate is Libor/CDOR plus 275 basis points.

Including the effect of the new credit facility, the company’s total pro forma liquidity as of March 31 was in excess of $350 million, the release noted.

“The new credit facility represents a significant step forward for Triangle as it provides us meaningful liquidity and optionality as we consider the most cost effective and appropriate method of funding new investment opportunities, as well as managing our existing balance sheet,” Steven C. Lilly, Triangle Capital’s chief financial officer, said in the release.

The specialty finance company is based in Raleigh, N.C.

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