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SELECTED TRANSACTION DETAILS
KeyBank Agents $20MM Credit Facility Upsize for Gladstone Capital
Wednesday, March 14, 2018

Lenders/Participants KeyBank [Administrative Agent, Managing Agent, Lead Arranger]
Structure Credit Facility
Amount $190.000 Million
Borrower(s) Gladstone Capital Corporation
Description An amendment and extension of its syndicated credit facility led by KeyBank National Association, which includes a reduction in pricing, expansion of the total commitment and extension of the maturity date. Effective, March 9, 2018, the Company, through its wholly-owned subsidiary, Gladstone Business Loan, LLC, entered into Amendment No. 4 to its Fifth Amended and Restated Credit Agreement with KeyBank as administrative agent, managing agent and lead arranger, Gladstone Management Corporation, the Company’s Adviser, as servicer, and certain other lenders party thereto. Amendment No. 4 amended the Credit Facility to: Extend the revolving period from January 19, 2019 to January 15, 2021; Extend the maturity date from May 1, 2020 to April 15, 2022, at which time all principal and interest will be due and payable; Reduce the interest rate margin by 40 basis points effective immediately to 2.85% for the balance of the revolving period (January 15, 2021), after which the margin increases to 3.25% for the balance of the facility term; Change the unused commitment fee from 0.50% of the total unused commitment amount to 0.50% when the average unused commitment amount for the reporting period is less than or equal to 50%, 0.75% when the average unused commitment amount for the reporting period is greater than 50% but less than or equal to 65%, and 1.00% whena the average unused commitment amount for the reporting period is greater than 65%; and Increase the current commitment amount from $170 million to $190 million with the ability to expand to a total facility amount of $265 million through additional commitments of existing lenders.
Industry Investment Financing
Related Tags KeyBank




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