Credit facility can accordion to $690 million
Maturity Date Extended to July 2029
PHOENIX, Aug. 5, 2024
/PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN)
("Trinity Capital," "Trinity" or the "Company"), a leading provider
of diversified financial solutions to growth-stage companies, today
announced that it has amended its credit facility led by KeyBank
N.A. ("KeyBank"). The amendment expands the original credit
facility from $350 million to
$440 million in commitments and
includes an accordion feature, pursuant to which the Company may
increase the size of the credit facility to an aggregate principal
amount of $690 million. The expansion
increases the diversified group of lenders to 11 banks.
The amendment extends the maturity date of the facility to
July 27, 2029 and broadens Trinity's
borrowing capacity by providing a variable advance rate of up to
62% on eligible first-lien loans (including equipment finance
loans) and up to 42% on eligible second-lien loans.
"The expansion of our credit facility will further support the
growth of our business and allow us to take advantage of our
current and future market opportunities," said Kyle Brown, Chief Executive Officer of Trinity
Capital. "We are very pleased that we were able to continue to
diversify our lender group and significantly expand the commitments
under our credit facility. We welcome the new partners and thank
our existing banks for their continued confidence in the Trinity
platform."
"Proceeds from our recent 5-year 7.875% investment grade notes
totaling $115.0 million, including
the fully executed overallotment, combined with our access to
capital through our accretive ATM program, and now our expanded
credit facility with KeyBank, enhance our liquidity position and
strengthen our balance sheet, allowing us to further execute on our
business strategy and pursue the growth of our investment
portfolio," said Michael Testa,
Chief Financial Officer of Trinity Capital.
About Trinity Capital Inc.
Trinity (Nasdaq: TRIN), an internally managed business
development company, is a leading provider of diversified financial
solutions to growth-stage companies with institutional equity
investors. Trinity's investment objective is to generate current
income and, to a lesser extent, capital appreciation through
investments, including term loans, equipment financings and
equity-related investments. Trinity believes it is one of only a
select group of specialty lenders that has the depth of knowledge,
experience, and track record in lending to growth stage companies.
For more information, please visit the Company's website at
www.trinitycap.com.
Forward-Looking Statements
This press release may contain "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 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 filings with the Securities and Exchange Commission. The
Company 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.
Contact
Ben
Malcolmson
Head of Investor Relations
Trinity Capital Inc.
ir@trincapinvestment.com
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SOURCE Trinity Capital Inc.