Capital Southwest Announces Closing of $100 Million Secured Revolving Credit Facility
August 30 2016 - 4:01PM
Capital Southwest Corporation (“Capital Southwest”) (Nasdaq:CSWC)
announced the closing of a four-year syndicated revolving credit
facility led by ING Capital LLC (“ING”) in the initial amount of
$100 million, with an accordion feature that provides for expansion
of the facility up to $150 million, subject to customary
conditions. The facility will bear interest at a rate of LIBOR plus
3.25% per annum, with no LIBOR floor. The Credit Facility has
a maturity date of August 30, 2020.
“We are excited to announce the closing of this
credit facility and the beginning of what we believe will be a long
partnership with ING and the full bank syndicate,” noted Michael S.
Sarner, Chief Financial Officer of Capital Southwest. “This
facility provides significant capitalization with which to execute
our business plan, providing flexible financing for both our Upper
Middle Market and Lower Middle Market businesses.”
About Capital Southwest
Capital Southwest Corporation (Nasdaq:CSWC) is a
Dallas, Texas-based publicly traded Business Development Company,
with approximately $273 million in net assets as of June 30, 2016.
On September 30, 2015, Capital Southwest completed the spin-off to
shareholders of its industrial businesses, CSW Industrials, Inc.
Capital Southwest is a middle market lender, focused on
supporting the acquisition and growth of middle market businesses
with investments from $5 to $20 million across the capital
structure, including first lien, unitranche, second lien and
subordinated debt, as well as non-control equity co-investments.
Since Capital Southwest's formation in 1961, it has always sought
to invest in companies with strong management teams and sound
financial performance. As a public company with a permanent capital
base, Capital Southwest is fortunate to have the flexibility to be
creative in its financing solutions and to invest to support the
growth of its portfolio companies over long periods of time.
About ING Capital LLC
ING Capital LLC is a financial services firm
offering a full array of wholesale financial lending products and
advisory services to its corporate and institutional clients. ING
Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of
ING Group (NYSE:ING), a global financial institution of Dutch
origin. The purpose of ING Bank is empowering people to stay a step
ahead in life and in business. The Investment Industry Finance
(IIF) group at ING Capital offers a broad range of structured
finance solutions to its clients active in the investment industry,
including Business Development Companies.
Forward-Looking Statements
This press release contains historical
information and forward-looking statements within the meaning of
The Private Securities Litigation Reform Act of 1995 with respect
to the business and investments of Capital Southwest.
Forward-looking statements are statements that are not historical
statements and can often be identified by words such as "will,"
"believe," "expect" and similar expressions, and variations or
negatives of these words. These statements are based on
management's current expectations, assumptions and beliefs. They
are not guarantees of future results and are subject to numerous
risks, uncertainties and assumptions that could cause actual
results to differ materially from those expressed in any
forward-looking statement. These risks include risks related to
changes in the markets in which Capital Southwest invests, changes
in the financial and lending markets and general economic and
business conditions.
Readers should not place undue reliance on any
forward-looking statements and are encouraged to review Capital
Southwest's Annual Report on Form 10-K for the year ended March 31,
2016 and subsequent fillings with the Securities and Exchange
Commission for a more complete discussion of the risks and other
factors that could affect any forward-looking statements. Except as
required by the federal securities laws, Capital Southwest does not
undertake any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, changing circumstances or any other reason after the
date of this press release.
Investor Relations Contacts:
Michael S. Sarner, Chief Financial Officer
214-884-3829
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