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Solar Capital secures $545M credit facility

Solar Capital Ltd. on Aug. 28 inked a senior secured credit agreement, which replaced and refinanced its previous credit facility.

Total borrowings under the new credit facility is $545 million, an increase from $530 million under the previous credit facility. The new agreement is set to mature Aug. 28, 2024, compared with the September 2021 maturity date of the old facility. The annual interest rate will either be a base rate plus a range of 2.00% to 2.25% or an alternate base rate plus 1.00% to 1.25%, with a 0% LIBOR floor. The credit facility also includes an accordion feature for Solar Capital to increase its borrowings up to $800 million.