MidCap Financial Investment Corporation (NASDAQ: MFIC) has recently announced amendments and extensions to its senior secured revolving credit facility. The lender commitments under the facility now total $1.610 billion, representing a decrease of $50 million. Furthermore, the final maturity date under the facility has been extended from October 17, 2029, to October 1, 2030.
In addition to these changes, the applicable margin under the facility has been reduced by 10 basis points to 177.5 basis points. The commitment fee has also been decreased by 5 basis points from 37.5 basis points to 32.5 basis points. Despite these adjustments, the remaining material business terms of the facility will remain largely unchanged.
JPMorgan Chase Bank, N.A., Truist Securities, Inc., and BMO Capital Markets Corp. are joint bookrunners and joint lead arrangers on the facility, with JPMorgan Chase Bank, N.A. serving as the administrative agent.
MidCap Financial Investment Corporation, a closed-end, externally managed, diversified management investment company, has elected to be treated as a business development company (BDC) under the Investment Company Act of 1940. For tax purposes, the company has elected to be treated as a regulated investment company (RIC) under the Internal Revenue Code of 1986.
The company's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. It primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, with less than $75 million in EBITDA.
These changes and extensions to the senior secured revolving credit facility demonstrate MidCap Financial Investment Corporation's commitment to optimizing its financial arrangements for the future. Following these announcements, the company's shares moved 1.35%, and are now trading at a price of $11.98. For more information, read the company's full 8-K submission here.
