Corporate Capital Trust, a business development company that provides individuals the opportunity to invest in the debt of privately owned American companies, announced favorable changes to its senior secured credit facility, resulting in an increased borrowing capacity, a reduced overall cost of the facility, and an extended maturity date.

The aggregate commitments under the senior secured credit facility now total $893 million, up from $710 million. The stated interest rate was lowered to LIBOR plus 2 percent or LIBOR plus 2.25 percent, subject to borrowing base conditions. This is down from the previous rate of LIBOR plus 2.50 percent. The maturity date of the facility was also extended from September 2017 to April 2021.

“We are pleased with the improvements to the credit facility, which include lower pricing and a longer term, in addition to the expanded commitments from a large and diversified bank group,” said Steve Shackelford, president of Corporate Capital Trust. “Having this additional capital will enable us to further capture investment opportunities as they arise.”

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.

KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds.