Item 1.01 – Entry into a Material Definitive Agreement.
On November 21, 2018, Solar Capital Ltd. (the “Company”) entered into Amendment No. 3 (the “Amendment”) to its $530 million senior secured credit facility by and among the Company, the lenders party thereto and Citibank, N.A., as administrative agent (the “Credit Facility”).
The Amendment, among other things, reduced the asset coverage covenant in the Credit Facility from 200% to 150% and made certain related changes to the borrowing base calculations. The size, pricing and other significant terms of the Credit Facility remain unchanged.
The Credit Facility continues to include an “accordion” feature that allows the Company, under certain circumstances, to increase the size of the Credit Facility up to $800 million. The Credit Facility includes usual and customary events of default and covenants for credit facilities of this nature. The description above is only a brief summary of the material provisions of the Amendment.
Item 2.03 – Creation of a Direct Financial Obligation or an Obligation under anOff-Balance Sheet Arrangement of a Registrant.
The disclosure set forth above under Item 1.01 is incorporated by reference herein.
Item 7.01 – Regulation FD Disclosure.
On November 27, 2018, the Registrant issued a press release regarding the Amendment, included herewith as Exhibit 99.1, and by this reference incorporated herein.
The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01 – Financial Statements and Exhibits.
