Gladstone Investment extends revolver, reduces to $135 million

By Wendy Van Sickle

Columbus, Ohio, Oct. 31 – Gladstone Investment Corp. through subsidiary Gladstone Business Investment, LLC amended its revolving credit agreement with KeyBank NA as administrative agent, lead arranger and lender on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment extends the revolving period to Oct. 30, 2026 and extends the final maturity date to two years after the termination of the revolving period. The commitment amount was reduced to $135 million from $180 million.

Advances generally bear interest at 30-day term SOFR, subject to a floor of 0.35%, plus 315 basis points per annum until Oct. 30, 2026, when the margin will step up to 340 bps until Oct. 30, 2027, when it will increase further to 365 bps thereafter, plus a SOFR credit spread adjustment of 10 bps.

The credit facility has a commitment fee on the daily unused commitment amount of 50 bps if the daily unused commitment amount is less than or equal to 50% of the total commitment amount, 75 bps if the daily unused commitment amount is greater than 50% but less than or equal to 65% of the total commitment amount, and 100 bps if the daily unused commitment amount is greater than 65% of the total commitment amount.

Gladstone Investment is a McLean, Va.-based lower middle-market private equity company.

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