MidCap Financial Investment Corporation (NASDAQ: MFIC) has announced the amendment and extension of its senior secured revolving credit facility. The lender commitments under the facility now total $1.610 billion, reflecting a decrease of $50 million from the previous period. The final maturity date under the facility has been extended from October 17, 2029, to October 1, 2030. Additionally, the applicable margin under the facility has been reduced by 10 basis points to 177.5 basis points, while the commitment fee has been decreased by 5 basis points from 37.5 basis points to 32.5 basis points.
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. acting as the administrative agent on the facility.
MidCap Financial Investment Corporation, a closed-end, externally managed, diversified management investment company, primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies. The company's investment objective is to generate current income and, to a lesser extent, long-term capital appreciation.
The amendment and extension of the senior secured revolving credit facility reflect adjustments in lender commitments, maturity date extension, and reductions in the applicable margin and commitment fee. These changes are aimed at optimizing the company's financial position and furthering its investment objectives. The market has reacted to these announcements by moving the company's shares 1.18% to a price of $11.96. Check out the company's full 8-K submission here.
