Runway Growth Credit Fund entered into a credit agreement with KeyBank as administrative agent and lender and CIBC Bank as a lender.
The credit agreement provides for borrowings up to a maximum aggregate principal amount of $100 million, with an accordion feature that could allow Runway to increase the aggregate commitments up to $200 million.
The funds will be used to support growth in the fund’s loan portfolio, to continue fueling the fund’s philosophy of relationship-driven investing that helps dynamic companies achieve their potential.
“The future of growth lending is to creatively structure loans that match the entrepreneur’s needs, in a manner that strikes a true partnership between borrower and lender,” said Runway Growth’s CEO, David Spreng. “We pride ourselves in our ability to truly understand the businesses we’re working with, because that’s the only way to provide a loan structure that fosters growth. The $100 million revolving credit facility with KeyBank and CIBC USA provides us with additional capital to invest in rapidly growing companies with exciting commercial prospects.”
“Runway Growth has established itself as an effective provider of debt capital to fast-growing companies. We are pleased to add Runway Growth to our growth capital lending portfolio and look forward to working with the management team in growing their BDC platform,” said Rian Emmett, group head of Specialty Finance Lending at KeyBank.
