MidCap Financial Investment Corporation Amends and Extends Its Senior Secured Revolving Credit Facility
MidCap Financial Investment Corporation (NASDAQ: MFIC) has announced the amendment and extension of its senior secured revolving credit facility, maintaining lender commitments at $1.705 billion until December 22, 2024, and reducing to $1.550 billion thereafter. The final maturity date is now April 19, 2028, extended from December 22, 2025. The benchmark rate has shifted from LIBOR to SOFR, with a slight reduction in the spread. CEO Tanner Powell noted that this extension enhances liquidity, while CFO Gregory Hunt highlighted lender support as a sign of confidence in the company’s strategy. The extended facility maintains its material terms, ensuring financial stability for the future.
- Extension of revolving credit facility enhances liquidity.
- Lender commitments remain strong at $1.705 billion until late 2024.
- Final maturity extended to April 2028, providing longer-term financial flexibility.
- Shift from LIBOR to SOFR and minor spread reduction improve financing terms.
- None.
NEW YORK, April 20, 2023 (GLOBE NEWSWIRE) -- MidCap Financial Investment Corporation (NASDAQ: MFIC) (the “Company”) announced today that it has amended and extended its senior secured, multi-currency, revolving credit facility (the “Facility”). Lender commitments under the Facility will remain
JPMorgan Chase Bank, N.A., Truist Securities, Inc., BMO Capital Markets Corp., and MUFG Bank, LTD. are Joint Bookrunners and Joint Lead Arrangers on the Facility. JPMorgan Chase Bank, N.A is the Administrative Agent on the Facility.
“We are pleased to announce the extension of our revolving credit facility which enhances our liquidity position,” said Mr. Tanner Powell, Chief Executive Officer of the Company.
Mr. Gregory W. Hunt, the Company’s Chief Financial Officer commented, “We greatly appreciate the support of our lenders in this extension which demonstrates their confidence in our platform and investment strategy.”
The foregoing description is only a summary of the material provisions of the Facility and is qualified in its entirety by reference to a copy of the Facility, which is filed as Exhibit to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission on April 20, 2023.
About MidCap Financial Investment Corporation
MidCap Financial Investment Corporation (NASDAQ: MFIC) is a closed-end, externally managed, non-diversified management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940 (the “1940 Act”). For tax purposes, the Company has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company is externally managed by Apollo Investment Management, L.P., an affiliate of Apollo Global Management, Inc. and its consolidated subsidiaries, a high-growth global alternative asset manager. The Company’s investment objective is to generate current income and, to a lesser extent, long-term capital appreciation. The Company primarily invests in directly originated and privately negotiated first lien senior secured loans to privately held U.S. middle-market companies, which the Company generally defines as companies with less than
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, including, but not limited to, statements as to our future operating results; our business prospects and the prospects of our portfolio companies; the impact of investments that we expect to make; our contractual arrangements and relationships with third parties; the dependence of our future success on the general economy and its impact on the industries in which we invest; the ability of our portfolio companies to achieve their objectives; our expected financings and investments; the adequacy of our cash resources and working capital; and the timing of cash flows, if any, from the operations of our portfolio companies.
We may use words such as “anticipates,” “believes,” “expects,” “intends,” “will,” “should,” “may” and similar expressions to identify forward-looking statements. Such statements are based on currently available operating, financial and competitive information and are subject to various risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations. Statements regarding the following subjects, among others, may be forward-looking: the return on equity; the yield on investments; the ability to borrow to finance assets; new strategic initiatives; the ability to reposition the investment portfolio; the market outlook; future investment activity; and risks associated with investing in real estate assets, including changes in business conditions and the general economy. Undue reliance should not be placed on such forward-looking statements as such statements speak only as of the date on which they are made. We do not undertake to update our forward-looking statements unless required by law.
Contact
Elizabeth Besen
Investor Relations Manager
MidCap Financial Investment Corporation
(212) 822-0625
ebesen@apollo.com
FAQ
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