TriplePoint Venture Growth BDC Corp. Announces Extension and Expansion of Its Revolving Credit Facility
December 14 2020 - 5:27PM
Business Wire
Facility Increased to $325 Million
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the
“Company,” “TPVG,” “we,” “us,” or “our”), the leading financing
provider to venture growth stage companies backed by a select group
of venture capital firms in the technology and other high growth
industries, today announced it has extended and expanded its
revolving credit facility (“Credit Facility”). Deutsche Bank AG
serves as administrative agent and as a lender, together with
existing lenders KeyBank National Association, TIAA, FSB, MUFG
Union Bank, N.A., Hitachi Capital America Corporation and NBH Bank,
and along with new lender, Customers Bank, under the Credit
Facility.
The Credit Facility, as amended, among other things, increases
the capacity of the Credit Facility from $300 million to $325
million, extends the revolving period to November 30, 2022 and
extends the scheduled maturity date to May 31, 2024. The $25
million increase 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 up to $400 million.
“We are pleased to have increased and extended our revolving
credit facility and appreciate the continued support of our leading
and expanded banking group,” said Christopher Mathieu, Chief
Financial Officer of TPVG. “This amended facility further
strengthens our liquidity position and prospects for growing the
portfolio as we end the year and enter into 2021.”
Borrowings under the Credit Facility are subject to various
covenants including 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%. More information regarding the amendment to the
Credit Facility, including a copy thereof, can be found in our
Current Report on Form 8-K, filed with the Securities and Exchange
Commission (the “SEC”) on December 14, 2020.
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
The Company was formed to expand the venture growth stage
business segment of TriplePoint Capital LLC, the leading global
provider of financing across all stages of development to
technology, life sciences and other high growth companies backed by
a select group of venture capital firms. The Company’s investment
objective is to maximize its total return to stockholders primarily
in the form of current income and, to a lesser extent, capital
appreciation by lending primarily with warrants to venture growth
stage companies. The Company is an externally managed, closed-end,
non-diversified management investment company that has elected to
be regulated as a business development company under the Investment
Company Act of 1940, as amended.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute “forward-looking
statements,” which relate to future events or our future
performance or financial condition. These statements are not
guarantees of future events, performance, condition or results and
involve a number of risks and uncertainties. Actual results and
conditions may differ materially from those in the forward-looking
statements as a result of a number of factors, including those
described from time to time in the Company’s filings with the SEC.
You should not place undue reliance on these forward-looking
statements. The Company undertakes no duty to update any
forward-looking statements made herein, whether as a result of new
information, future events or otherwise, except as may be required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201214005841/en/
The IGB Group Leon Berman 212-477-8438 lberman@igbir.com
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