Virtus Investment Partners Inc. and its lenders reworked its credit line, more than doubling the sum available to the Hartford asset manager.
Virtus said the new credit line is extended five years through 2017, with a maximum credit limit of $75 million.
The old credit pact, signed in 2009 and amended in 2010, bore a $30 million ceiling, of which Virtus says it had drawn down $15 million.
In addition, the variable-rate credit facility allows for the lending syndicate to grant Virtus an extra $50 million increase.
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The lending group is led by BNY Mellon as administrative agent and PNC Bank as syndication agent. Citibank and Royal Bank of Canada also are participating lenders.
