SLR Investment ups facility to $700 million, extends maturity to 2026

By William Gullotti

Buffalo, N.Y., Jan. 3 – SLR Investment Corp., formerly Solar Capital Ltd., amended, expanded and extended its senior credit facility on Dec. 28, according to a form 8-K filed with the Securities and Exchange Commission.

The amendment extended the final maturity date of the facility to Dec. 28, 2026 and increased the total commitments to $700 million from $620 million.

The stated interest rate for borrowings was reduced to Libor plus 175 basis points to 200 bps, with margins based on conditions related to the facility’s borrowing base. The amended facility also contains provisions that transition interest benchmarks to SOFR from Libor.

SLR will also pay an annual 37.5 bps commitment fee based upon the average daily unused amounts of the dollar and multicurrency commitments. There is also a 12.5 bps fronting fee on letters of credit based upon the average daily amount of LoC exposure.

The amendment also enhanced the credit facility’s flexibility.

Borrowings remain subject to the leverage restrictions contained in the Investment Company Act of 1940.

Citibank, NA is the administrative agent with JPMorgan Chase Bank, NA serving as syndication agent.

They are joined by Sumitomo Mitsui Banking Corp. as joint lead managers and joint lead bookrunners.

SLR Investment is a specialty finance company that invests in leveraged U.S. middle market companies in the form of senior secured loans including first-lien and second-lien debt instruments and asset-based loans including senior secured loans collateralized on a first-lien basis primarily by current assets.

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