BlackRock Capital Investment Corporation entered into an amendment to its $265 million senior secured revolving credit agreement. According to an 8K filed with the SEC, Citibank is the administrative agent for the facility. Among other changes, the amendment:
- Extends the maturity date of the loans made under the revolving credit facility from April 23, 2025, to Sept. 6, 2028
- Extends the termination date of the commitments available under the revolving credit facility from April 23, 2024, to Sept. 6, 2027
- Reduces the applicable margin to be applied to interest on the loans by 25 basis points per annum and reduces the commitment fee on unused commitments from 40 basis points per annum to 37.5 basis points per annum
- Permits the merger of BlackRock Capital Investment Corporation with and into Project Spurs Merger Sub (Merger Sub), a Delaware limited liability company and wholly-owned indirect subsidiary of BlackRock TCP Capital Corp., a Delaware corporation, with Merger Sub continuing as the surviving company
_x000D_
_x000D_
_x000D_
_x000D_
Upon and following the consummation of the Merger and satisfaction of customary conditions precedent, Merger Sub will assume all of the rights and obligations of BlackRock Capital Investment Corporation under the revolving credit facility and grant a lien on substantially all of its assets to secure the obligations thereunder.
The Revolving Credit Facility continues to include an accordion feature that allows BlackRock Capital Investment Corporation, under certain circumstances, to increase the size of the revolving credit facility up to $325 million in the aggregate.
Usage of the revolving credit facility continues to be subject to a borrowing base, and the revolving credit facility continues to be secured by substantially all of the assets of BlackRock Capital Investment Corporation and the subsidiary guarantors. In addition, the facility continues to contain customary representations, covenants (including restrictions on the incurrence of additional indebtedness, liens and dividends, and a requirement to maintain a certain minimum amount of shareholder’s equity and a certain minimum ratio of total assets, less all liabilities other than indebtedness, to indebtedness) and events of default.
BlackRock Capital Investment Corporation’s legal counsel is Skadden, Arps, Slate, Meagher & Flom.
