Logan Ridge Finance Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Regulation FD Disclosure
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On August 21, 2024, Capitala Business Lending, LLC (the “Borrower”), a direct, wholly owned, consolidated subsidiary of Logan Ridge Finance Corporation (the “Company”), entered into the fourth amendment (the “Fourth Amendment”) to its existing senior secured revolving credit agreement, with Mount Logan Management, LLC, as collateral manager, the lenders from time to time party thereto, KeyBank National Association, as administrative agent, and U.S. Bank National Association, as custodian.
The Fourth Amendment reduces the applicable margin during the reinvestment period from 2.90% per annum to 2.80% per annum, and reduces the applicable margin during the amortization period from 3.25% per annum to 3.20% per annum. Additionally, the Fourth Amendment extends the termination date of the reinvestment period from May 2025 to August 2027, and extends the maturity date from May 2027 to August 2029. The Fourth Amendment continues to provide for borrowing of up to $75.0 million, and an uncommitted accordion feature that allows the Borrower to borrow up to an additional $125.0 million. The concentration limits and application of the advance rates were also modified by the Fourth Amendment.
The description above is only a summary of the Fourth Amendment and is qualified in its entirety by reference to the copy of the Fourth Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference thereto.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
| Item 7.01. | Regulation FD Disclosure. |
On August 21, 2024, the Company issued a press release announcing the Fourth Amendment. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits:
| Exhibit Number |
Description | |
| 10.1 | Fourth Amendment to Revolving Credit and Security Agreement, dated as of August 21, 2024, among Capitala Business Lending, LLC, as the borrower, Mount Logan Management, LLC, as the collateral manager, the lenders from to time to time party thereto, KeyBank National Association, as the administrative agent, and U.S. Bank National Association, as the custodian | |
| 99.1 | Press Release, dated August 21, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 22, 2024 | By: | /s/ Brandon Satoren | ||||
| Name: | Brandon Satoren | |||||
| Title: | Chief Financial Officer | |||||