UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): January 31, 2012 |
Medley capital corporation
(Exact name of registrant as specified in its charter)
| Delaware | 1-35040 | 27-4576073 |
| (State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer |
| incorporation) | Identification No.) |
375 Park Avenue, 33rd Floor |
| New York, NY 10152 |
| (Address of principal executive offices)(Zip Code) |
Registrant’s telephone number, including area code: (212) 759-0777
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. Entry into a Material Definitive Agreement.
Additional Commitments for Revolving Facility
On January 31, 2011, Medley Capital Corporation (the “Company”) entered into an Incremental Assumption Agreement with MOF I BDC LLC (the “Subsidiary Guarantor”), ING Capital LLC, as administrative agent (the “Administrative Agent”), and Barclays Bank PLC, as lender (“Barclays Bank”), whereby Barclays Bank agreed to provide a commitment of $20 million, pursuant to the Senior Secured Revolving Credit Agreement, dated as of August 4, 2011 (the “Credit Agreement”), among the Company, the Administrative Agent and certain lenders party thereto from time to time. On January 31, 2011, the Company also entered into an Incremental Assumption Agreement with the Subsidiary Guarantor, the Administrative Agent and ING Capital LLC, as lender (“ING Capital”), whereby ING Capital agreed to provide an additional commitment of $5 million, pursuant to the Credit Agreement. The Credit Agreement was previously filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 9, 2011.
On February 3, 2012, the Company also issued a press release regarding the additional commitments, which is attached hereto as Exhibit 99.1, and incorporated by reference herein.
ITEM 9.01. Financial Statements and Exhibits.
.
| (d) Exhibits | ||||
| Exhibit No. | Description | |||
| 99.1 | Press Release, dated February 3, 2012 |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MEDLEY CAPITAL CORPORATION | |||
| Date: February 3, 2012 | /s/ Richard T. Allorto, Jr. | ||
| Name: Richard T. Allorto, Jr. | |||
| Title: Chief Financial Officer |
EXHIBIT INDEX
| Exhibit No. | Description | |||
| 99.1 | Press Release, dated February 3, 2012 |
Exhibit 99.1
Medley Capital Corporation Announces the Addition of Barclays to its Senior Credit Facility
NEW YORK, NY – Medley Capital Corporation (NYSE: MCC) (the “Company”) today announced the closing of $25 million of additional commitments to its senior secured revolving credit facility (the “Credit Facility”) led by ING Capital LLC. Total commitments to the Credit Facility are now $85 million and the accordion feature allows the Company to increase the total commitments under the Credit Facility up to $125 million. Barclays Bank PLC joined the lending group and committed $20 million to the facility. ING Capital LLC increased their existing commitment from $25 million to $30 million.
"We are delighted to have Barclays join our lending group and we look forward to working with them as we continue to execute on our business plan" said Brook Taube, Chief Executive Officer of Company. “We also appreciate ING’s continued support of our business. These additional lending commitments will enable us to continue to grow our investment portfolio at a time when market opportunities remain attractive” continued Mr. Taube.
ABOUT MEDLEY CAPITAL CORPORATION
The Company is a newly-organized, externally-managed, non-diversified closed-end management investment company that has filed an election to be treated as a business development company under the Investment Company Act of 1940, as amended. The Company's investment objective is to generate both current income and capital appreciation, primarily through investments in privately negotiated debt and equity securities of middle market companies. The Company is a direct lender targeting private debt transactions ranging in size from $10 to $50 million to borrowers principally located in North America. The Company's investment activities are managed by its investment adviser, MCC Advisors LLC, which is an investment adviser registered under the Investment Advisers Act of 1940, as amended.
SOURCE: Medley Capital Corporation
Medley Capital Corporation
Richard Allorto, 212-759-0777