Gladstone Investment Announces 2-Year Renewal on Credit Facility
April 14 2010 - 2:34PM
Gladstone Investment Corporation (Nasdaq:GAIN) (the "Company")
announced that on April 13, 2010, it entered into a third amended
and restated credit agreement through its wholly-owned subsidiary
Gladstone Business Investment LLC providing for a $50 million
revolving line of credit arranged by Branch Banking and Trust
Company as administrative agent (the "Credit Facility"). Key
Equipment Finance Inc. also joined the Credit Facility as a
committed lender. Subject to certain terms and conditions, the
Credit Facility may be expanded up to $125 million through the
addition of other committed lenders to the facility. The Credit
Facility matures on April 13, 2012 (the "Maturity Date"), and if it
is not renewed or extended by the Maturity Date, all principal and
interest will be due and payable on or before April 13, 2013 (one
year after the Maturity Date). Advances under the Credit
Facility will generally bear interest at the 30 day LIBOR rate
(subject to a minimum rate of 2%), plus 4.5% per annum, with an
unused fee of 0.50% to 1.00% based on advances outstanding.
Gladstone Investment Corporation is a publicly traded business
development company that seeks to make debt and equity investments
in small and mid-sized businesses in the United States in
connection with acquisitions, changes in control and
recapitalizations. Additional information can be found at
www.GladstoneInvestment.com or by calling the Company's Investor
Relations department at 703-287-5839.
CONTACT: Gladstone Investment Corporation
Investor Relations
703-287-5839
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