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These notes effectively replace and extend the maturity of existing series 2005-A unsecured notes which were scheduled to mature in October 2010. The maturity of the new notes will be October 2011. In exchange for the maturity extension, the interest rate on the notes will increase 100 basis points to 9.98% and MCG will make a $5 million principal payment on its existing unsecured debt, which will be applied pro rata to the new notes and the notes maturing in October 2012 based on the current amount outstanding. Additionally, the cash sweep of net proceeds on unencumbered asset sales will increase from 40% to 45% after the SunTrust facility receives its 7.5% sweep on the sale of the first $100 million of unencumbered assets. Fitch's rates MCG as follows: MCG Capital Corporation --Long-term Issuer Default Rating 'BB+'; --Senior unsecured debt 'BB+'. The Rating Outlook is Negative. Additional information is available at www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: http://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. SOURCE: Fitch Ratings Fitch Ratings Meghan (Crowe) Neenan, CFA, 212-908-9121, New York William A. Artz, 312-368-3178, Chicago For full details on Mcg Capital (MCGC) click here. Mcg Capital (MCGC) has Short Term PowerRatings of 5. Details on Mcg Capital (MCGC) Short Term PowerRatings is available at This Link.
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