OHA INVESTMENT CORPORATION (NASDAQ:OHAI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On September 7, 2018, OHA Investment Corporation (the “Company”) amended its credit facility with MidCap Financial Trust ("Credit Facility") to extend the maturity date to September 9, 2019, which can be extended for an additional six-month period at the Company’s option. In connection with the extension, the Company made a repayment of principal of $7.0 million of its Credit Facility, reducing the principal amount outstanding to $29.0 million. The $7.0 million principal repayment is available to the Company to re-borrow as a delayed draw term loan, which is committed until September 9, 2019.
In addition, the interest rate for the borrowings under the Credit Facility was reduced to LIBOR plus 4.95% for Eurodollar Loans and prime plus 3.95% for Base Rate Loans. Certain financial covenants were also amended.
The foregoing description of the amendment to the Credit Facility as set forth in this Item 1.01 is a summary only and is qualified in all respects by the provisions of such agreement, a copy of which is attached hereto as Exhibit 10.23 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 included under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated September 7, 2018.
10.23 Amendment No. 2 to the Credit Agreement dated September 7, 2018.
The information in this current report on Form 8-K, 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 under the Securities Act of 1933, as amended, or the Exchange Act except as expressly set forth by specific reference in such filing.
OHA Investment Corp ExhibitEX-10.23 2 amendment2_creditagreement.htm EXHIBIT 10.23 Exhibit AMENDMENT NO. 2 TO CREDIT AGREEMENT THIS AMENDMENT NO. 2 TO CREDIT AGREEMENT (this “Amendment”),…To view the full exhibit click here
About OHA INVESTMENT CORPORATION (NASDAQ:OHAI)
OHA Investment Corporation is a specialty finance company. The Company focuses primarily on providing direct lending solutions to middle market private companies across industry sectors. The Company’s investment portfolio includes debt securities and other investments in upstream exploration and production companies engaged in the acquisition, development and production of oil and natural gas properties in and along the Gulf Coast, in the state and federal waters of the Gulf of Mexico, and in the Permian Basin, Mid-Continent and Rocky Mountain areas. The Company is an externally managed, closed-end, non-diversified management investment company. The Company invests primarily in senior and junior secured, unsecured and subordinated loans, and to debt securities or preferred stock of the United States private and public middle market companies. The Company may also invest in equity, distressed debt and other assets. The Company’s investment advisor is Oak Hill Advisors, L.P.
