MidCap Financial amends and extends secured revolving facility

By Mary-Katherine Stinson

Lexington, Ky., April 20 – MidCap Financial Investment Corp. on April 19 amended and extended its senior secured multicurrency revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The final maturity date was extended by over two years to April 19, 2028 from Dec. 22, 2025.

The primary benchmark for dollar-denominated borrowings was transitioned to SOFR from Libor and the spread was reduced to an all-in spread of 197.5 basis points from 200 bps depending on the current gross borrowing base.

Commitments remain at $1.705 billion until Dec. 22, 2024 when they will decrease to $1.55 billion. There is an accordion feature that allows the company to increase the facility to $2.325 billion.

Borrowings under the facility and the incurrence of certain other permitted debt continue to be subject to a borrowing base that applies different advance rates to different types of assets in the company’s portfolio. The advance rate applicable to any specific asset in the portfolio depends on the relevant asset coverage ratio as of the date of determination.

The covenants and representations and warranties were also modified, but the remaining terms and conditions of the facility remain substantially the same including usual and customary events of default.

JPMorgan Chase Bank, NA is the administrative agent.

Truist Bank, Bank of Montreal and MUFG Bank, Ltd. are syndication agents.

JPMorgan Chase Bank, NA, Truist Securities, Inc., BMO Capital Markets Corp. and MUFG Bank, Ltd. are the joint bookrunners and joint lead arrangers.

The New York City-based firm is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management LLC.

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