Runway Growth Extends Credit Facility and Enhances Governance Profile
Runway Growth Finance Corp. (RWAY) has announced two significant operational updates. First, the company amended and extended its credit agreement with KeyBank National Association on March 18, 2025. The revised agreement extends the maturity date and revolving period of the credit facility while expanding financing solutions available to borrowers, including cash flow based loans, asset based loans, and recurring revenue loans.
Second, the company has expanded its Board of Directors from five to eight members. Ted Goldthorpe was appointed as Chairman of the Board, while Alexander Duka and Robert Warshauer joined as independent directors. Additionally, Catherine Frey and Jennifer Kwon Chou were appointed as independent directors, with their appointments effective January 23, 2025, and March 21, 2025, respectively.
Runway Growth Finance Corp. (RWAY) ha annunciato due importanti aggiornamenti operativi. In primo luogo, l'azienda ha modificato e prorogato il suo accordo di credito con KeyBank National Association il 18 marzo 2025. L'accordo rivisto estende la data di scadenza e il periodo di rotazione della linea di credito, ampliando le soluzioni di finanziamento disponibili per i mutuatari, inclusi prestiti basati sul flusso di cassa, prestiti garantiti da attivi e prestiti basati su entrate ricorrenti.
In secondo luogo, l'azienda ha ampliato il suo Consiglio di Amministrazione da cinque a otto membri. Ted Goldthorpe è stato nominato Presidente del Consiglio, mentre Alexander Duka e Robert Warshauer sono stati nominati direttori indipendenti. Inoltre, Catherine Frey e Jennifer Kwon Chou sono state nominate come direttori indipendenti, con le loro nomine che entreranno in vigore rispettivamente il 23 gennaio 2025 e il 21 marzo 2025.
Runway Growth Finance Corp. (RWAY) ha anunciado dos actualizaciones operativas significativas. Primero, la compañía modificó y amplió su acuerdo de crédito con KeyBank National Association el 18 de marzo de 2025. El acuerdo revisado extiende la fecha de vencimiento y el período de renovación de la línea de crédito, al tiempo que amplía las soluciones de financiamiento disponibles para los prestatarios, incluidos préstamos basados en flujo de efectivo, préstamos garantizados por activos y préstamos basados en ingresos recurrentes.
En segundo lugar, la compañía ha ampliado su Junta Directiva de cinco a ocho miembros. Ted Goldthorpe fue nombrado Presidente de la Junta, mientras que Alexander Duka y Robert Warshauer se unieron como directores independientes. Además, Catherine Frey y Jennifer Kwon Chou fueron nombradas como directoras independientes, con sus nombramientos efectivos a partir del 23 de enero de 2025 y el 21 de marzo de 2025, respectivamente.
Runway Growth Finance Corp. (RWAY)는 두 가지 중요한 운영 업데이트를 발표했습니다. 첫째, 회사는 2025년 3월 18일 KeyBank National Association과의 신용 계약을 수정하고 연장했습니다. 수정된 계약은 신용 시설의 만기일과 회전 기간을 연장하고, 차용자에게 제공되는 자금 조달 솔루션을 확대하여 현금 흐름 기반 대출, 자산 기반 대출 및 반복 수익 대출을 포함합니다.
둘째, 회사는 이사회를 5명에서 8명으로 확대했습니다. Ted Goldthorpe가 이사회 의장으로 임명되었고, Alexander Duka와 Robert Warshauer가 독립 이사로 합류했습니다. 또한, Catherine Frey와 Jennifer Kwon Chou가 독립 이사로 임명되었으며, 이들의 임명은 각각 2025년 1월 23일과 2025년 3월 21일에 발효됩니다.
Runway Growth Finance Corp. (RWAY) a annoncé deux mises à jour opérationnelles significatives. Tout d'abord, la société a modifié et prolongé son accord de crédit avec KeyBank National Association le 18 mars 2025. L'accord révisé prolonge la date d'échéance et la période de renouvellement de la facilité de crédit tout en élargissant les solutions de financement disponibles pour les emprunteurs, y compris les prêts basés sur le flux de trésorerie, les prêts garantis par des actifs et les prêts basés sur des revenus récurrents.
Ensuite, la société a élargi son Conseil d'Administration de cinq à huit membres. Ted Goldthorpe a été nommé Président du Conseil, tandis que Alexander Duka et Robert Warshauer ont rejoint en tant que directeurs indépendants. De plus, Catherine Frey et Jennifer Kwon Chou ont été nommées directrices indépendantes, avec leurs nominations prenant effet respectivement le 23 janvier 2025 et le 21 mars 2025.
Runway Growth Finance Corp. (RWAY) hat zwei bedeutende betriebliche Aktualisierungen bekannt gegeben. Erstens hat das Unternehmen am 18. März 2025 seine Kreditvereinbarung mit der KeyBank National Association geändert und verlängert. Die überarbeitete Vereinbarung verlängert das Fälligkeitsdatum und den revolvierenden Zeitraum der Kreditfazilität und erweitert die Finanzierungslösungen für Kreditnehmer, einschließlich cashflowbasierter Kredite, aktienbasierter Kredite und wiederkehrender Einnahmekredite.
Zweitens hat das Unternehmen seinen Vorstand von fünf auf acht Mitglieder erweitert. Ted Goldthorpe wurde zum Vorsitzenden des Vorstands ernannt, während Alexander Duka und Robert Warshauer als unabhängige Direktoren hinzukamen. Darüber hinaus wurden Catherine Frey und Jennifer Kwon Chou als unabhängige Direktoren ernannt, deren Ernennungen am 23. Januar 2025 bzw. am 21. März 2025 in Kraft treten.
- Enhanced credit facility flexibility with expanded financing solutions
- Strengthened corporate governance with three new experienced board members
- Increased board diversity with two female directors
- Extended credit facility maturity date and revolving period
- None.
Insights
Runway Growth's amended credit agreement with KeyBank delivers two substantial operational enhancements to its business model. First, the extension of both the maturity date and revolving period creates immediate balance sheet stability. Second, and more strategically significant, the expanded financing capabilities now permit cash flow based loans, asset based loans, and recurring revenue loans - effectively broadening RWAY's addressable market within the growth-stage lending space.
The fourteen-lender syndicate led by KeyBank demonstrates strong institutional confidence in RWAY's lending model, particularly notable following the BC Partners Credit merger. Unfortunately, the announcement lacks quantitative details on facility size, interest terms, or covenant requirements, making it impossible to precisely calculate financial impact.
Simultaneously, the board expansion from five to eight members represents a 60% increase in governance oversight. The appointment of Ted Goldthorpe as Chairman appears strategically linked to integrating BC Partners' expertise following their merger. The addition of four independent directors (including previously announced appointments) substantially improves the board's independence ratio and potentially enhances governance quality.
For investors, these developments indicate methodical post-merger integration rather than immediate revenue enhancement. RWAY is strengthening its operational foundation and expanding its financial toolkit, creating potential for portfolio diversification through an expanded suite of financing options. However, without specific metrics or growth targets tied to these changes, the immediate financial impact remains neutral despite positive long-term strategic positioning.
MENLO PARK, Calif., March 21, 2025 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today provided two operational updates. On March 18, 2025, the Company amended and extended its credit agreement with KeyBank National Association (“KeyBank”). In addition, the Board of Directors (the “Board”) has also expanded the size of the Board from five members to eight members, as previously disclosed.
“These achievements strengthen our balance sheet and enhance our governance profile on the heels of Runway Growth Capital’s completed merger with BC Partners Credit,” said David Spreng, Founder and CEO of Runway Growth. “Our appointments add industry expertise and bolster our Board with key public company experience. Further, our revised credit agreement provides Runway Growth with additional financial flexibility as we seek to optimize our portfolio through an expanded suite of financing solutions for current and prospective borrowers. We believe these operational milestones will lead to strong performance and, in turn, generate attractive returns for our stockholders in the months and years to come.”
Credit Agreement
The amended credit agreement extends the maturity date and revolving period for the Company’s credit facility. Additionally, the revised agreement permits expanded financing solutions that Runway Growth can offer its borrowers. These include but are not limited to: cash flow based loans, asset based loans and recurring revenue loans. The facility is led by KeyBank and includes fourteen lenders in total.
Board Refreshment
On March 13, 2025, in connection with the expanded size of the Board, the Board appointed the following individuals to serve on the Board, effective March 21, 2025:
- Ted Goldthorpe was appointed to the role of Chairman of the Board and will serve as an interested Class II director until the Company's 2027 annual meeting of stockholders.
- Alexander Duka was appointed to serve as an independent Class I director until the Company's 2026 annual meeting of stockholders.
- Robert Warshauer was appointed to serve as an independent Class III director until the Company's 2026 annual meeting of stockholders.
Additionally, in the past year, both Catherine Frey and Jennifer Kwon Chou were appointed to the Board of Directors as independent directors, in connection with previously disclosed resignations. Ms. Frey’s appointment took effect on January 23, 2025, and Ms. Chou’s appointment will take effect on March 21, 2025. More information regarding the recent Board appointees is available on the Company’s website in the “Financials & Filings” section.
About Runway Growth Finance Corp.
Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Important Disclosures
Strategies described involve special risks that should be evaluated carefully before a decision is made to invest. Not all of the risks and other significant aspects of these strategies are discussed herein. Please see a more detailed discussion of these risk factors and other related risks in the Company’s most recent annual report on Form 10-K in the section entitled “Risk Factors”, which may be obtained on the Company’s website, www.runwaygrowth.com, or the SEC’s website, www.sec.gov.
IR Contacts:
Taylor Donahue, Prosek Partners, rway@prosek.com
Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com
FAQ
What changes were made to RWAY's credit facility with KeyBank in March 2025?
How many new directors were appointed to RWAY's Board in March 2025?
What is the new size of RWAY's Board of Directors after the March 2025 expansion?
Who are the recent female directors appointed to RWAY's Board?
