UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Date of Report (Date of Earliest Event Reported): | | April 11, 2008 |
Patriot Capital Funding, Inc.
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(Exact name of registrant as specified in its charter)
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| Delaware | 0-51459 | 74-3068511 |
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(State or other jurisdiction | _____________
(Commission | ______________
(I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
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| 274 Riverside Avenue, Westport, Connecticut | | 06880 |
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(Address of principal executive offices) | | ___________
(Zip Code) |
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| Registrant’s telephone number, including area code: | | 203-429-2700 |
Not Applicable
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Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
The information included under Item 2.03 below is incorporated by reference into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
On April 11, 2008, we entered into a second amended and restated securitization revolving credit facility with an entity affiliated with BMO Capital Markets Corp. and Branch Banking and Trust Company (BB&T). The second amended and restated securitization revolving credit facility amends and restates our amended and restated securitization revolving credit facility.
The amended and restated securitization revolving credit facility was amended and restated to, among other things: (i) increase the borrowing capacity from $175 million to $225 million; (ii) extend the date until which we are allowed to make draws under the facility from July 22, 2010 to April 11, 2011 (unless extended prior to such date for an additional 364-day period with the consent of the lenders thereto); (iii) increase the interest rate payable under the facility from the commercial paper rate plus 1.00% to the commercial paper rate plus 1.75% on up to $175 million of outstanding borrowings and the LIBOR rate plus 1.75% on up to $ 50 million of outstanding borrowings; and (iv) increase the unused commitment fee from 0.25% per annum to 0.30% per annum.
Similar to the amended and restated securitization revolving credit facility, the second amended and restated securitization revolving credit facility contains restrictions pertaining to the geographic and industry concentrations of funded loans, maximum size of funded loans, interest rate payment frequency of funded loans, maturity dates of funded loans, minimum yields on funded loans and minimum equity requirements. These restrictions may affect the amount of notes our special purpose subsidiary may issue from time to time. The second amended and restated securitization revolving credit facility also contains certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, violation of which could result in the early termination of the second amended and restated securitization revolving credit facility. Each loan origination under the second amended and restated securitization revolving credit facility is subject to the satisfaction of certain conditions.
A copy of the second amended and restated securitization revolving credit facility is attached hereto as Exhibit 10.1. On April 16, 2008, we issued a press release announcing that we had entered into the second amended and restated securitization revolving credit facility. A copy of the press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits.
Exhibit No. Description
10.1 Second Amended and Restated Loan Funding and Servicing Agreement
99.1 Press release dated April 16, 2008
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | Patriot Capital Funding, Inc. |
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| April 16, 2008 | | By: | | /s/ William E. Alvarez, Jr.
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| | | | | Name: William E. Alvarez, Jr. |
| | | | | Title: Executive Vice President, Chief Financial Officer and Secretary |
Exhibit Index
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| Exhibit No. | | Description |
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10.1 | | Second Amended and Restated Loan Funding and Servicing Agreement |
99.1 | | Press release dated April 16, 2008 |
