TriplePoint Venture Growth BDC Corp. (NYSE:TPVG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On January 29, 2021, TriplePoint Venture Growth BDC Corp. (the “Company”) amended its Receivables Financing Agreement, dated as of February 21, 2014 (as amended or otherwise modified from time to time, the “Credit Facility”), by executing a letter agreement, dated January 29, 2021 (the “Amendment”), by and among the Company, individually and as collateral manager and as sole equityholder of the borrower, TPVG Variable Funding Company LLC, as borrower, the agents party thereto, the lenders party thereto, and Deutsche Bank AG, New York Branch, as facility agent and syndication agent.
The Amendment increases the capacity of the Credit Facility to $350 million from $325 million and adds a new lender, First Foundation Bank. The $25 million increase in the capacity of the Credit Facility was made under the accordion feature in the Credit Facility, which allows the Company, under certain circumstances, to increase the size of the Credit Facility to an amount not to exceed $400 million.
The Credit Facility 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%.
A copy of the Amendment is attached hereto as Exhibit 10.1. The foregoing description is qualified in its entirety by reference to the full text of the Amendment, which is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information contained in Item 1.01 of this current report on Form 8-K is incorporated by reference in this Item 2.03.
Item 7.01 Regulation FD Disclosure.
The Company issued a press release on January 29, 2021 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 furnished in this Item 7.01 shall not be deemed to be “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 is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.