TriplePoint Venture Growth BDC Corp. Announces Expansion of its Revolving Credit Facility
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) has announced an expansion of its revolving credit facility, increasing capacity from $325 million to $350 million. This includes the addition of First Foundation Bank as a new lender. The increase leverages the accordion feature, allowing total capacity to reach up to $400 million if certain conditions are met. Borrowings will adhere to covenants under the Investment Company Act of 1940, maintaining a minimum asset coverage ratio of 150%. This expansion reflects TPVG's commitment to supporting venture growth stage companies.
- Increased credit facility capacity from $325 million to $350 million.
- New lender added: First Foundation Bank, enhancing financing options.
- Accordion feature allows potential total capacity expansion up to $400 million.
- None.
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) (the “Company,” "TPVG," “we,” “us,” or “our”), the leading financing provider to venture growth stage companies backed by a select group of venture capital firms in the technology and other high growth industries, today announced it has expanded its revolving credit facility (“Credit Facility”). The expansion increases the capacity of the Credit Facility from
“We are pleased to announce another expansion of our revolving credit facility,” said Christopher M. Mathieu, Chief Financial Officer of TPVG. “We appreciate the continued support and partnership with our leading and expanded banking group.”
Borrowings under the Credit Facility are subject to various covenants including the leverage restrictions contained in the Investment Company Act of 1940, as amended, provided that the Company’s asset coverage ratio under the Credit Facility shall not be less than
ABOUT TRIPLEPOINT VENTURE GROWTH BDC CORP.
The Company was formed to expand the venture growth stage business segment of TriplePoint Capital LLC, the leading global provider of financing across all stages of development to technology, life sciences and other high growth companies backed by a select group of venture capital firms. The Company’s investment objective is to maximize its total return to stockholders primarily in the form of current income and, to a lesser extent, capital appreciation by lending primarily with warrants to venture growth stage companies. The Company is an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute “forward-looking statements,” which relate to future events or our future performance or financial condition. These statements are not guarantees of future events, performance, condition or results and involve a number of risks and uncertainties. Actual results and conditions 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 the Company’s filings with the SEC. You should not place undue reliance on these forward-looking statements. The Company undertakes no duty to update any forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210129005605/en/
FAQ
What is the recent development announced by TPVG?
Who is the new lender added to TPVG's credit facility?
What is the maximum capacity TPVG can reach with its credit facility?
What is the asset coverage ratio requirement for TPVG's borrowings?
