Solar Senior Capital Ltd. Announces Amendment of FLLP Credit Facility With $25 Million Upsize
Solar Senior Capital Ltd. announces that a wholly owned subsidiary of its First Lien Loan Program ("FLLP"), a joint venture with Voya Investment Management ("Voya") to invest in first lien senior secured loans to U.S middle market companies, has amended its senior secured revolving credit facility. The amendment includes a $25 million commitment increase to $100 million, as well as a maturity extension to August 2021. Wells Fargo Bank ("Wells Fargo") is acting as administrative agent for the facility. As of June 30, 2016, Solar Senior had contributed $29.58 million of its $50.75 million equity commitment to FLLP.
"We are pleased with the initial success of FLLP, as well as the opportunity to grow our partnership with Wells Fargo and Voya," said Michael Gross, Solar Senior’s Chairman and CEO. "With this $25 million incremental borrowing capacity, we intend to complete the ramp of FLLP’s portfolio and achieve our low-to-mid teens target ROE. We view this strategic initiative as a compelling way to grow Solar Senior’s net investment income while investing in first lien senior secured floating rate loans."
Solar Senior Capital Ltd. announces that a wholly owned subsidiary of its First Lien Loan Program ("FLLP"), a joint venture with Voya Investment Management ("Voya") to invest in first lien senior secured loans to U.S middle market companies, has amended its senior secured revolving credit facility. The amendment includes a $25 million commitment increase to $100 million, as well as a maturity extension to August 2021. Wells Fargo Bank ("Wells Fargo") is acting as administrative agent for the facility. As of June 30, 2016, Solar Senior had contributed $29.58 million of its $50.75 million equity commitment to FLLP.
"We are pleased with the initial success of FLLP, as well as the opportunity to grow our partnership with Wells Fargo and Voya," said Michael Gross, Solar Senior's Chairman and CEO. "With this $25 million incremental borrowing capacity, we intend to complete the ramp of FLLP's portfolio and achieve our low-to-mid teens target ROE. We view this strategic initiative as a compelling way to grow Solar Senior's net investment income while investing in first lien senior secured floating rate loans."
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