Capital Southwest ( CSWC ) said Friday that it has reached an agreement to amend and restate its senior secured revolving credit facility, which was increased by $60 million to $270 million, including an expansion of the accordion feature to $350 million to accommodate future growth of the company.
The credit facility's revolving period was also extended from Nov. 16, 2020 to Dec. 21, 2022, with the final maturity extended from Nov. 16, 2021 to Dec. 21, 2023. The pricing, meanwhile, was reduced from LIBOR plus 3.00% to LIBOR plus 2.50%.
The amendment also reduced the minimum asset coverage with respect to senior securities representing indebtedness from 200% to 150%, after the date on which such minimum asset coverage is permitted to be reduced by Capital Southwest under applicable law.
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