Solar Senior Capital completes $200 million revolving credit facility

By Sara Rosenberg

New York, Aug. 30 - Solar Senior Capital Ltd. closed on a new $200 million five-year senior secured revolving credit facility, according to a news release.

Pricing on the revolver is Libor plus 225 basis points.

Of the total revolver amount, $150 million is available initially and $50 million is available on a delayed-draw basis.

There is a $400 million accordion feature.

"The closing of our credit facility extends the ramp of the equity proceeds from our initial public offering. The delayed-draw feature provides us with a runway for future growth. We intend to invest this low-cost capital in senior secured loans, which will be meaningfully accretive to net investment income," said Michael Gross, chairman and chief executive officer, in the release.

Solar Senior Capital is a New York-based closed-end investment company that invests primarily in leveraged, middle market companies in the form of senior secured loans including first-lien, unitranche, and second-lien debt instruments.

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