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New York-based Carlyle Secured Lending, Inc. (CGBD), with a market capitalization of $866 million, has expanded its financial base with a significant amendment to its senior secured revolving credit facility. On Monday, the company increased its total commitments from $790 million to $935 million, while also raising the maximum capacity from $1.185 billion to $1.402 billion.
This strategic move not only enhances Carlyle’s borrowing power but also extends the availability period of the credit facility to March 12, 2029, with the maturity date now set for March 12, 2030. Additionally, the amendment includes a rise in the sublimits for swingline loans to $75 million and for letters of credit to $30 million, up from the previous $50 million and $25 million, respectively. According to InvestingPro data, the company maintains a healthy current ratio of 2.31, with liquid assets comfortably exceeding short-term obligations.
The increased financial flexibility is expected to support Carlyle Secured Lending’s growth initiatives and operational needs. The detailed terms of the amendment, which took effect on March 12, 2025, can be found in the exhibit 10.1 of the company’s recent SEC filing.
Carlyle Secured Lending, formerly known as TCG BDC (NASDAQ:CGBD), Inc., operates from its headquarters at One Vanderbilt Avenue, Suite 3400, New York, NY 10017. The company’s common stock and 8.20% notes due 2028 are traded on the Nasdaq Global Select Market under the symbols CGBD and CGBDL, respectively. The company offers an attractive dividend yield of 10.87% and has maintained dividend payments for nine consecutive years.
The financial maneuver reflects the company’s proactive approach to capital management and its commitment to securing long-term financial stability. This announcement, based on the company’s SEC filing, underscores Carlyle Secured Lending’s efforts to strengthen its financial position in the competitive lending market. InvestingPro analysis reveals a GREAT overall Financial Health Score of 3.04, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US equities.
In other recent news, Carlyle Secured Lending Inc. reported its fourth-quarter 2024 earnings, surpassing analyst expectations with an earnings per share (EPS) of $0.48, compared to the forecasted $0.4437. The company also exceeded revenue projections, posting $56.35 million against the anticipated $50.59 million. Carlyle Secured Lending announced a strategic merger with Carlyle Secured Lending III, expected to be completed by March 31, which aims to enhance scale and liquidity. The company issued its first institutional bond of $300 million at a fixed rate of 6.75%. Analysts have shown interest in Carlyle’s strategic initiatives, with discussions around the company’s joint venture strategy and asset capacity. The company maintains a strong position in the private credit market, focusing on senior secured loans and diversification across more than 25 industries. Carlyle’s management highlighted their commitment to providing stable cash flows to investors, with a dividend yield of approximately 10%. These developments reflect Carlyle Secured Lending’s robust performance and strategic focus in the private credit sector.
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