Monroe Capital Income Plus Corp.
11/01/2024 | Press release | Distributed by Public on 11/01/2024 14:46
Material Agreement Form 8 K
ITEM 1.01. Entry into a Material Definitive Agreement.
On October 29, 2024, Monroe Capital Income Plus Corporation (the "Company") entered into an amendment (the "Third Credit Facility Amendment") to the Senior Secured Revolving Credit Agreement, dated as of October 20, 2023 (the "Revolving Credit Agreement") among the Company, as borrower; the lenders from time to time parties thereto and ING Capital LLC, as administrative agent, as amended by that certain Amendment No.1 and Joinder to Senior Secured Revolving Credit Agreement, dated as of March 18, 2024, that certain Amendment No. 2 to Senior Secured Revolving Credit Agreement, dated as of June 28, 2024, and as further amended and restated, supplemented or otherwise modified from time, the "Existing Credit Agreement" and, as amended by Third Credit Facility Amendment, the "Credit Agreement"). The Third Credit Facility Amendment amended the Existing Credit Agreement to, among other things, (i) extend the expiration of the revolver availability period from October 20, 2027 to October 31, 2028, (ii) extend the stated maturity date from October 20, 2028 to October 31, 2029, (iii) increase the total facility size to an aggregate amount of $567,500,000, (iv) increase the maximum total facility amount contemplated by the accordion provision to permit increases to a total facility amount of up to $800,000,000, (v) remove the credit-spread adjustment for ABR Loans based on Adjusted Term SOFR and for SOFR Loans, (vi) reduce the applicable margin (a) with respect to any ABR Loan, from 1.50% to 1.25% per annum (or, at any time the Rating Condition is satisfied, from 1.35% to 1.15% per annum), (b) with respect to any SOFR Loan, CORRA Loan, Eurocurrency Loan or RFR Loan, from 2.50% to 2.25% per annum (or at any time the Rating Condition is satisfied, from 2.35% to 2.15% per annum), and (vii) reset the minimum shareholders' equity test and increases the minimum obligors' net worth test.
The terms of the Third Credit Facility Amendment became effective on October 31, 2024.
Borrowing under the Credit Agreement remains subject to the leverage restrictions contained in the Investment Company Act of 1940, as amended.
Capitalized terms under this Item 1.01, unless otherwise defined herein, have the meaning ascribed to them under the Credit Agreement. The description above is only a summary of the material provisions of the Third Credit Facility Amendment and is qualified in its entirety by reference to the copy of the Third Credit Facility Amendment that is filed as Exhibit 10.1 to this current report on Form 8-K.