Solar Capital Ltd issues $50 million in notes via private placement

Written By: Stratton Report
November 10, 2016

On November 10, Solar Capital Ltd announced it had issued $50 million of five-and-a-half year senior unsecured notes in a private placement with a fixed interest rate of 4.4% and a maturity date of May 8, 2022

According to Solar Capital, interest on the notes will be payable semi-annually.

Michael Gross, Chairman and CEO of Solar Capital Ltd. observed:

“We are pleased to diversify our capital structure with the addition of these long-term, fixed-rate senior unsecured notes. The issuance enhances our unsecured to secured debt mix and further extends our maturity profile.”

Per Solar Capital Ltd., it is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company invests primarily in leveraged, middle market companies in the form of senior secured loans, unitranche loans, mezzanine loans, and equity securities.