Gladstone Investment Corporation Announces Amendment to Its Credit Facility
June 30 2014 - 4:05PM
Gladstone Investment Corporation (Nasdaq:GAIN) announced today that
on June 26, 2014, through one of its wholly-owned subsidiaries,
Gladstone Business Investment, LLC, it entered into Amendment No. 1
to its Fifth Amended and Restated Credit Agreement (the "Credit
Facility") with Key Equipment Finance, a division of Keybank
National Association, Branch Banking and Trust Company, Everbank
Commercial Finance, Inc. and Alostar Bank of Commerce.
The highlights of the amendment are as follows:
- extending the revolving period of the Credit Facility by
approximately 14 months to June 26, 2017;
- lowering the interest rate margin by 50 basis points to 3.25%
until June 26, 2017, with the margin then increasing to 3.75% for
the period from June 26, 2017 to June 26, 2018, and increasing
further to 4.25% thereafter;
- extending the maturity date of the Credit Facility by
approximately two years to June 26, 2019; and
- allowing the Credit Facility to now be expanded by up to $145
million, to a total facility amount of $250 million, through
additional commitments of existing or new committed lenders.
About Gladstone Investment
Corporation: Gladstone Investment Corporation is a
publicly traded business development company that seeks to make
debt and equity investments in small and medium-sized businesses in
the United States in connection with acquisitions, changes in
control and recapitalizations. It has paid 107 consecutive
monthly cash distributions on its common stock. Information on
the business activities of all the Gladstone funds can be found at
www.gladstonecompanies.com.
Source: Gladstone Investment Corporation
CONTACT: Gladstone Investment Corporation, +1-703-287-5893
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