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Sumitomo Mitsui Agents $300MM Senior Secured Revolver for Bain Capital Specialty Finance

January 03, 2022, 07:50 AM
Filed Under: Investment Financing

On December 24, 2021, Bain Capital Specialty Finance, Inc. entered into a senior secured revolving credit agreement as Borrower, with Sumitomo Mitsui Banking Corporation, as Administrative Agent and Sole Book Runner, and with Sumitomo Mitsui Banking Corporation and MUFG Union Bank, as Joint Lead Arrangers. The Credit Agreement was effective as of December 24, 2021.

The facility amount under the Credit Agreement is $300,000,000 with an accordion provision to permit increases to the total facility amount up to $1,000,000,000. Proceeds of the loans under the Credit Agreement may be used for general corporate purposes of the Company, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Credit Agreement. The maturity date is December 24, 2026.

Interest under the Credit Agreement is equal to (i) an "alternate base rate" (as described therein) plus 0.75% or 0.875% per annum, (ii) the applicable Eurocurrency Rate (as defined therein) for the relevant currency in which the applicable loans are denominated plus 1.75% or 1.875% per annum or (iii) for loans denominated in Pound Sterling, RFR (as defined therein) plus 1.8693% or 1.9943% per annum, in each case, depending on the Company's rate option election (for loans denominated in US Dollars) and the borrowing base (as of the most recently delivered borrowing base certificate delivered under the Credit Agreement).

The Credit Agreement includes customary affirmative and negative covenants, including certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

The description above is only a summary of the material provisions of the Credit Agreement and is qualified in its entirety by reference to a copy of the Credit Agreement, which will be filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

On December 27, 2021, the Company repaid in full all outstanding amounts due in connection with, and terminated all commitments under, the Loan and Security Agreement, dated April 30, 2019, with the amendments thereto, by and among BCSF Complete Financing Solution LLC, JPMorgan Chase Bank, National Association as Administrative Agent, and Wells Fargo Bank, National Association as Collateral Administrator, Collateral Agent, Securities Intermediary and Bank.

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