TriplePoint Venture Growth BDC Corp. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Regulation FD Disclosure, Financial Statements and Exhibits
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TriplePoint Venture Growth BDC Corp. |
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Item 1.01 Entry into a Material Definitive Agreement.
On August 6, 2024, TriplePoint Venture Growth BDC Corp. (the “Company”) amended its Loan Financing and Servicing Agreement, dated as of February 21, 2014 (as amended, the “Credit Facility”), by executing a letter agreement, dated August 6, 2024 (the “Amendment”), by and among the Company, individually and as collateral manager of the borrower, TPVG Variable Funding Company LLC, as borrower (the “Financing Subsidiary”), Vervent, Inc., as backup collateral manager, Deutsche Bank Trust Company Americas, as paying agent and as collection account bank, Computershare Trust Company, N.A., as custodian, the lenders from time to time party thereto, and Deutsche Bank AG, New York Branch, as facility agent (the “Facility Agent”).
The Amendment amended the Credit Facility to, among other things: (i) extend the revolving period to November 30, 2025 and the scheduled maturity date to May 30, 2027; (ii) revise the interest rate on borrowings such that borrowings bear interest at the sum of (a) a floating rate based on certain indices, including SOFR and commercial paper rates (subject to a floor of 0.50%), plus (b) a margin of 3.20% if facility utilization is greater than or equal to 75%, 3.35% if utilization is greater than or equal to 50% but less than 75%, 3.50% if utilization is less than 50% and 4.50% during the amortization period; (iii) adjust the advance rates based on the underlying asset type; (iv) revise certain events of default provisions and affirmative and negative covenants; and (v) change the capacity of the Credit Facility to $300 million.
The Credit Facility, as amended by the Amendment, includes customary representations and warranties and requires the Company to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. Borrowings under the Credit Facility are subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended, provided that the Company’s asset coverage ratio under the Credit Facility shall not be less than 150%.
The foregoing description is only a summary of certain of the provisions of the Amendment and the Credit Facility and is qualified in its entirety by reference to a copy of the Credit Facility, as amended and conformed through the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information in this Current Report on Form 8-K set forth under Item 1.01 is incorporated by reference into this Item 2.03.
Item 7.01 Regulation FD Disclosure.
The Company issued a press release on August 7, 2024 to announce the signing of the Amendment. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 7.01, including Exhibit 99.1 attached 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, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| * | Exhibits and/or schedules to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted exhibits and/or schedules to the SEC upon its request. |
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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 7, 2024 | TriplePoint Venture Growth BDC Corp. | |
| By: | /s/ James P. Labe | |
| Name: | James P. Labe | |
| Title: | Chief Executive Officer | |
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