Capital One has provided a $100 million credit facility to MRCC Senior Loan Fund I, a joint venture between Monroe Capital Corp and NLV Financial Corp, the parent company of National Life Insurance Company. The five-year secured line of credit can expand up to $250 million.
Bethesda, Md. (March 26, 2018) – Capital One announced today that it served as the administrative agent and sole lender for a $100 million five-year senior secured line of credit for MRCC Senior Loan Fund I, LLC (“MRCC Senior Loan Fund”), a joint venture between Monroe Capital Corporation (“MRCC”), the business development company affiliate of Monroe Capital LLC (together with its affiliates, “Monroe”), and NLV Financial Corporation, the parent of National Life Insurance Company, a national insurance company headquartered in Vermont. The secured line of credit has an accordion feature allowing the facility to expand up to $250 million to accommodate growth in the MRCC Senior Loan Fund portfolio.
“We worked closely with Monroe to create terms that work for both parties and that can be scaled over time,” said John Walsh, Managing Director at Capital One’s Financial Institutions Group. “Monroe is a successful middle market lender and we are proud to have this relationship.”
Monroe is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. With approximately $5.2 billion of committed and managed capital under management, the firm has been one of the most active investors in the middle market, investing in over 1,200 transactions since its inception.
“Capital One has been a very responsive partner,” said James M. Cassady, Monroe’s Managing Director of Fund Compliance & Finance. “Capital One worked with us to design a highly customized and flexible leverage facility that will allow our new JV to generate higher returns. They quickly created new versions of the loan documents as we worked toward closing. We look forward to working with the Capital One team for years to come.”
Capital One’s Financial Institutions Group is dedicated to the lender finance market and works with a wide variety of non-bank financial institutions and asset managers. The team is focused on providing customized lending, advisory, and financing products and solutions—including asset securitization, recourse financing, and interest-rate hedging.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $243.7 billion in deposits and $365.7 billion in total assets as of December 31, 2017. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.
About Monroe Capital Corporation
Monroe Capital Corporation is a publicly-traded specialty finance company that principally invests in senior, unitranche and junior secured debt and, to a lesser extent, unsecured debt and equity investments in middle-market companies. The Company’s investment objective is to maximize the total return to its stockholders in the form of current income and capital appreciation. The Company’s investment activities are managed by its investment adviser, Monroe Capital BDC Advisors, LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and an affiliate of Monroe Capital LLC. To learn more about Monroe Capital Corporation, visit www.monroebdc.com.
About Monroe Capital LLC
Monroe Capital LLC (“Monroe”) is a private credit asset management firm specializing in direct lending and opportunistic private credit investing. Since 2004, the firm has provided private credit solutions to borrowers in the U.S. and Canada. Monroe’s middle market lending platform provides senior and junior debt financing to businesses, special situation borrowers, and private equity sponsors. Investment types include unitranche financings; cash flow, asset based and enterprise value based loans; and equity coinvestments. Monroe is committed to being a value-added and user-friendly partner to business owners, senior management, and private equity and independent sponsors. The firm is headquartered in Chicago and maintains offices in Atlanta, Boston, Dallas, Los Angeles, New York, and San Francisco. Monroe has been recognized by Private Debt Investor as the 2017 Lower Mid-Market Lender of the Year; Global M&A Network as the 2017 Small Middle Markets Lender of the Year; M&A Advisor as the 2016 Lender Firm of the Year; and the U.S. Small Business Administration as the 2015 Small Business Investment Company (SBIC) of the Year. For more information, please visit monroecap.com.