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Corporate Capital Trust increases borrowing capacity of 2 revolving facilities

Corporate Capital Trust Inc. has increased the maximum borrowing capacity of two of its secured revolving credit facilities.

Corporate Capital Trust unit CCT Tokyo Funding LLC's borrowing capacity under its revolving credit facility with Sumitomo Mitsui Banking rose to $300 million from $200 million. Interest is charged at CCT Tokyo Funding's option at a rate of London Interbank Offered Rate plus 1.75% if the average advances are greater than $150 million, otherwise plus 2.00%, or the higher of the prime rate or the federal funds rate plus 0.50%, plus 0.75% if the average advances outstanding are greater than $150 million, otherwise plus 1.00%.

Corporate Capital Trust also increased the size of its revolving credit facility with JPMorgan Chase Bank as administrative agent and ING Capital LLC as syndication agent by $30 million for a total revolving credit facility size of $958 million.

Borrowings under this credit facility, which includes 21 lenders, bear interest at LIBOR plus 2.00%, if the borrowing base is equal to or greater than 1.85x the combined debt amount, otherwise plus 2.25%, and the greatest of the prime rate, the federal funds rate plus 0.50%, and one-month LIBOR plus 1.00%, plus 1.00% if the borrowing base is equal to or greater than 1.85x the combined debt amount, otherwise plus 1.25%.

Both credit facilities mature in 2021.