Stellus trims revolver to $260 million, increases accordion, extends term

By Wendy Van Sickle

Columbus, Ohio, Nov. 22 – Stellus Capital Investment Corp. entered into a fourth amendment on Nov. 21 to its amended and restated senior secured revolving credit agreement dated Sept. 18, 2020 to decrease the maximum commitment to $260 million from $265 million and increased the accordion limit to $350 million from $315 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also transitions the credit facility’s interest rate benchmark for advances in Canadian dollars to Corra from CDOR, extends the commitment termination date to Nov. 21, 2027 and the final maturity date to Nov. 21, 2028, and reduces the interest coverage ratio from 2x to 1.75x.

Zions Bancorp, NA dba Amegy Bank is the administrative agent.

The closed-end non-diversified investment management company is based in Houston.

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