OFS Capital Corporation (NASDAQ:OFS), a business development company
(BDC), announced today that its wholly owned subsidiary, OFS Capital WM,
LLC, has entered into an amendment that extends the terms of its senior
secured revolving credit facility with Wells Fargo Bank, National
Association. This amendment was made effective as of November 22, 2013.
The reinvestment period on the OFS Capital WM credit facility was
extended from December 31, 2013 to December 31, 2015, and the final
maturity date was extended from December 31, 2016 to December 31, 2018.
The facility continues to be secured by a pool of first lien senior
secured loans, and the new terms include an increase in the advance rate
from 65% to 70%. Additionally, the annual interest rate on the credit
facility was reduced by 25 basis points, from LIBOR plus 2.75% to LIBOR
plus 2.50% (with no floor).
“We are pleased with the extension and the improved terms of our senior
secured revolving credit facility,” said Glenn Pittson, Chairman and
Chief Executive Officer for OFS Capital. “We appreciate Wells Fargo’s
continuing to provide us with a flexible financing commitment that
supports our company’s growth.”
Additional information on the OFS Capital WM Facility can be found in
the Company’s public filings with the Securities and Exchange Commission
(SEC). Copies of these SEC filings are available in the Investor
Relations section of the Company’s website at www.ofscapital.com.
ABOUT OFS CAPITAL
OFS Capital Corporation (NASDAQ:OFS) is an externally managed,
closed-end, non-diversified management investment company that has
elected to be regulated as a business development company. OFS Capital’s
investment objective is to provide shareholders with both current income
and capital appreciation primarily through debt investments and, to a
lesser extent, equity investments. OFS Capital invests primarily in
middle-market companies in the United States, generally focusing its
investment activities on private companies that are owned by private
equity sponsors or owner/operators and have annual EBITDA between $5
million and $50 million. OFS Capital offers flexible solutions through a
variety of asset classes, including senior secured, unitranche,
second-lien and mezzanine loans, and to a lesser extent, equity
securities. OFS Capital’s investment activities are managed by OFS
Capital Management, LLC, an investment adviser registered under the
Investment Advisers Act of 1940 and headquartered in Rolling Meadows,
Illinois, with additional offices in New York and Los Angeles.
FORWARD-LOOKING STATEMENTS
Statements made in this press release may contain forward-looking
statements that involve substantial risks and uncertainties, some of
which are beyond the control of OFS Capital’s management, and are
difficult to predict. Such forward-looking statements are not historical
facts but, rather, reflect assumptions, estimates, and projections by
OFS Capital concerning anticipated results and provide no guarantee of
future performance. All forward-looking statements speak only as of the
date of this press release, and OFS Capital undertakes no duty to update
any forward-looking statements herein made.
Copyright Business Wire 2013