Fidus Investment expands revolver to $100 million, extends to 2023

By Wendy Van Sickle

Columbus, Ohio, April 24 – Fidus Investment Corp. amended and restated its senior secured revolving credit facility on Wednesday to increase the commitments to $100 million from $90 million and extend the maturity date to April 24, 2023 from June 16, 2019, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also allows for future increases in the commitments up to $250 million.

Borrowings bear interest at Libor plus 300 basis points with a step-down to 275 bps if some conditions are met.

The ongoing commitment fee requires payment of a 3% margin rate on the unused portion of the credit facility at or below 35% of the commitments and 0.5% on any remaining unused portion of the credit facility.

ING Capital LLC is the administrative agent, arranger and bookrunner.

The amended credit agreement also modifies some covenants, including to provide for a minimum asset coverage ratio of 2x; a requirement for the company to maintain stockholder’s equity as of the last day of any fiscal quarter of no less than $262.5 million plus 65% of the net proceeds of all sales of equity interests by the company and its subsidiaries; and a requirement to maintain a net worth of the obligors under the credit facility, including the company, of at least $100 million plus 50% of the net proceeds of all sales of equity interests by the company and its subsidiaries.

Proceeds may be used for general corporate purposes.

Fidus is an Evanston, Ill.-based externally managed, closed-end, non-diversified management investment company.

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