Availability under the credit facility is subject to the number and value of securities included in a borrowing base and otherwise specified in the loan agreement.
The facility matures on the later of August 15, 2018 or 30 days prior to the due date of GSV’s 5.25% convertible senior notes due 2018, which mature on September 15, 2018.
Borrowings bear interest at a per annum rate equal to the prime rate plus 3.50%. In addition, the loan agreement requires payment of a fee for unused amounts during the revolving period in an amount equal to 0.50% per annum of the average unused portion of the $12 million facility.
The facility is secured by all of GSV’s property and assets, except for GSV’s assets pledged to secure certain obligations in connection with GSV’s issuance, in September 2013, of its 5.25% convertible senior notes due 2018 pursuant to an indenture, dated as of September 17, 2013.
GSV is a publicly traded investment fund that seeks to invest in rapidly growing, late stage, venture capital-backed private companies. Its portfolio includes companies such as Dropbox, Lyft, Chegg, Spotify and Snap.