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Capital Southwest increases credit facility by $60M

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Capital Southwest increases credit facility by $60M

Capital Southwest Corp. has again upsized its existing credit agreement with ING Capital LLC and other lenders by $60 million, taking the total commitments under the credit facility to $270 million from $210 million.

The amendment in the revolving credit facility includes an expansion of the accordion feature to $350 million, with an eye toward future growth of the company.

As of quarter-end Sept. 30, Capital Southwest had $127 million outstanding on the credit facility.

In addition, the credit facility's revolving period was extended to Dec. 21, 2022, from Nov. 16, 2020, and the final maturity was extended to Dec. 21, 2023, from Nov. 16, 2021.

The pricing on the credit facility was reduced from London interbank offered rate plus 3.00% to London interbank offered rate plus 2.50%, subject to certain conditions as outlined in the amended and restated credit agreement.

Also, the amendment reduces the minimum asset coverage with respect to senior securities representing indebtedness to 150% from 200% after the date on which such minimum asset coverage is permitted to be reduced by the company under applicable law.