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Total borrowing capacity expands to $1.74 billion
Corporate Capital Trust, a business development company that provides individuals the opportunity to invest in the debt of privately owned American companies, announced that it has closed a new $200 million credit facility with Sumitomo Mitsui Banking Corporation. The facility bears an interest rate of the 3-month Libor rate plus 1.75 percent if the average outstanding balance is greater than $100 million or the 3-month Libor rate plus 2 percent if the average outstanding balance is less than $100 million.
The credit facility matures in December 2020.
“We are pleased to form this relationship as the addition of the credit facility further strengthens our ability to execute on the opportunities arising in the market,” says Steve Shackelford, president and chief financial officer of Corporate Capital Trust. “Along with more than $2.5 billion in equity capital, we have a broad lender base of 21 financial institutions currently providing capital through our various facilities.”
Corporate Capital Trust is a non-traded business development company that offers individuals a unique opportunity to invest in privately owned American companies. The company is externally managed by CNL and KKR and its investment objective is to provide shareholders with current income and, to a lesser extent, long-term capital appreciation. The company intends to meet its investment objective by investing primarily in the debt of privately owned companies, with a focus on originated transactions sourced through the networks of its advisors.
CNL Financial Group is a leading private investment management firm providing global real estate and alternative investments. Since inception in 1973, CNL Financial Group and/or its affiliates have formed or acquired companies with more than $33 billion in assets. CNL Financial Group is headquartered in Orlando, Florida.
