Gladstone Investment amended its credit facility led by KeyBank as administrative agent, swingline lender, managing agent and lead arranger.

The amendment increased the facility size from $165 million to $200 million, which may be expanded to $300 million through additional commitments. It extended the revolving period from November 15, 2019 to August 22, 2021 and the maturity date from November 15, 2021 to August 22, 2023, at which time all principal and interest will be due and payable.

The amendment also reduced the interest rate margin by 30 basis points from 3.15% to 2.85% during the revolving period, after which the margin increases to 3.10% for a one year period, and to 3.35% for the remaining term of the facility. The unused commitment fee was changed from 0.50% on the portion of the total unused commitment amount that is less than or equal to 45% of the total commitments and 0.80% on the total unused commitment amount that is greater than 45% to 0.50% when the average unused commitment amount is equal to or less than 50%, 0.75% when the average unused commitment amount is greater than 50%, but less than or equal to 65%, and 1.00% when the average unused commitment amount is greater than 65%.

Finally, the amendment reduced the minimum asset coverage with respect to senior securities representing indebtedness from 200% to 150%.