Capital Southwest Corporation (CSWC) announced it has entered into a fourth amended and restated senior secured revolving credit agreement. The amendment increases total commitments, extends the facility's maturity, and provides more favorable terms, enhancing the company's financial flexibility.
Key Details
- Increased Commitments: The total commitments under the corporate credit facility were increased by $85 million, from $510 million to $595 million.
- Expanded Accordion Feature: The uncommitted accordion feature was increased from $750 million to $1 billion, allowing for potential future upsizing of the facility.
- Extended Maturity: The facility's revolving period was extended to September 2, 2030 (from August 2, 2027), and the final maturity was extended to September 2, 2031 (from August 2, 2028).
- Improved Terms: The agreement includes reduced unused commitment fees and amended certain financial covenants. The unused fee range was lowered from 0.50%-1.00% to 0.50%-0.75% per annum.