MVC Capital Inc., a publicly traded business development company headquartered in Purchase, has obtained a $50 million one-year revolving credit facility with Branch Banking and Trust Co.
MVC officials said the additional credit line bears interest at the London Interbank Offered Rate plus 100 basis points. It will be used to enhance the company”™s flexibility in its private debt and equity investments across a range of industries.
MVC typically invests in companies with annual revenues of $10 million to $200 million and gross earnings of $3 million to $25 million.
Michael Tokarz, MVC chairman and portfolio manager, in a press release said the new credit line allows the company to step up activity as it pursues “our strategy of targeting yielding investments. Over the past several months, we have secured more than $160 million in capital on favorable terms that should allow us to more actively engage in investments among middle-market companies looking to grow their businesses.”
