Gladstone gets temporary relief, downsizes revolver to $180 million

By Wendy Van Sickle

Columbus, Ohio, Aug. 11 – Gladstone Investment Corp. amended its credit agreement on Monday through wholly owned subsidiary Gladstone Business Investment, LLC to provide for some temporary changes during a Covid-19 relief period that will end March 31, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The changes include amending the definition of “effective advance rate,” provided that during such period the overall effective advance rate does not exceed 55%; and removing or changing certain “excess concentration limits.”

In addition, the amendment provides for some permanent changes to the credit facility, including implementing Libor replacement language; implementing a 0.5% Libor floor; and reducing the facility size to $180 million from $200 million, which may be expanded to $300 million through additional commitments.

KeyBank NA is the administrative agent.

Gladstone is a McLean, Va.-based real estate investment trust.

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