E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 10/13/2017 in the Prospect News Bank Loan Daily.

Stellus Capital gets $140 million four-year revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, Oct. 13 – Stellus Capital Investment Corp. entered into a senior secured revolving credit agreement on Wednesday, providing for up to $140 million, with availability subject to a borrowing base, according to an 8-K filing with the Securities and Exchange Commission.

ZB, NA, doing business as Amegy Bank, is the lead arranger, bookrunner and administrative agent. Cadence Bank, NA is the syndication agent, and Frost Bank is the documentation agent.

There is an accordion feature providing for up to $55 million of additional commitments.

There is a $30 million sublimit for borrowings in currencies other than U.S. dollars.

Borrowings bear interest at Libor plus 250 basis points with a 0% Libor floor and an unused commitment fee of 50 bps.

The availability period expires on Oct. 10, 2020, followed by a one-year amortization period and a final maturity date of Oct. 10, 2021.

Stellus must comply with a minimum asset coverage ratio of 2.0 to 1.0 and an interest coverage ratio of 2.0 to 1.0.

In connection with the new credit agreement, the company terminated its senior secured revolving credit facility with SunTrust Bank as administrative agent.

Stellus is an investment company based in Houston.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.