Harvest Capital Credit Corporation closed a five-year senior secured credit facility with an initial commitment of $55 million. The credit facility was arranged by CapitalSource Bank, and both CapitalSource Bank and City National Bank are lenders under the credit facility. The credit facility has an accordion feature which allows for an increase in the total loan size up to $85.0 million under certain conditions and has a two-year revolving period followed by a three-year amortization period. Borrowings under the credit facility will be at an interest rate of LIBOR plus 4.50%.

"Our new credit facility provides us with significant flexibility to continue to fund attractive investments in the lower middle market. Our partners at CapitalSource Bank and City National Bank have been very supportive during the structuring and underwriting process and we look forward to continuing to work closely with them," commented Richard P. Buckanavage, president and chief executive officer.

In conjunction with the closing of the Credit Facility, the company terminated its credit facility with JMP Group LLC, an affiliate of its investment advisor, HCAP Advisors LLC, and owner of its administrator, JMP Credit Advisors LLC.

Harvest Capital Credit Corporation provides customized financing solutions to privately held small and mid-sized companies in the U.S., generally targeting companies with annual revenues between $10 million and $100 million and annual EBITDA between $2 million and $15 million.