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The facility is priced at LIBOR plus 150 to 275 basis points, depending on the amount drawn. This is a 25 basis point increase from the company's previous grid. NGP Capital Resources paid a fifty basis point fee in conjunction with the extension of the maturity.
Company CFO Steve Gardner said that NGP has no debt outstanding on its investment facility and $10 million in cash on hand, leaving it "with ample liquidity to fund new investments." He added that, as a result of the maturation of its investment portfolio, NGP plans to reduce the balance on its treasury facility in the 4th Quarter by $50 million.
Houston-based NGP Capital Resources is a closed-end, non-diversified management investment company. The company's investment portfolio is principally invested in energy related private companies.
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