Hamilton Lane Advisors entered into a term loan and security agreement and a revolving loan and security agreement with First Republic Bank.

According to a related 8-K filing, the term loan facility provides an aggregate principal amount of $75 million and contains an accordion feature that allows HLA to increase the commitment under the facility by up to $25 million under certain conditions

The purpose of the term loan facility is to refinance HLA’s existing indebtedness. Borrowings under the term loan facility accrue interest at a floating per annum rate equal to the greater of the prime rate that appears in The Wall Street Journal minus 1.25% and 2.75%. The term loan facility matures on November 1, 2024.

The the revolving credit facility provides up to an aggregate principal amount of $25 million. the revolving loan facility is for working capital and general corporate purposes. Borrowings under the revolving loan facility accrue interest at a floating per annum rate equal to the greater of the prime rate that appears in The Wall Street Journal minus 1.50% and 2.50%. The revolving loan facility matures on August 21, 2020 and requires compliance with conditions precedent that must be satisfied prior to any borrowing.