Venture Lending & Leasing VII cuts revolving facility to $200 million

By Wendy Van Sickle

Columbus, Ohio, Nov. 1 – Venture Lending & Leasing VII, Inc. amended its credit agreement with Wells Fargo Bank, NA, Wells Fargo Securities LLC, MUFG Union Bank, NA and ING Capital LLC to reduce the revolving facility size to $200 million from $255 million on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also changes the interest rate to Libor plus 275 basis points and the commitment fee to either 25 bps or 50 bps, depending on usage.

The amended credit facility expires on Oct. 30, 2020.

The fund may opt to reduce commitments by $5 million or more once each calendar month. Starting March 29, 2019, commitments will automatically and permanently drop each fiscal quarter by 12.5% of the total commitments as of Dec. 31, 2018.

Venture Lending & Leasing VII is a non-diversified, closed-end management investment company based in Portola Valley, Calif., that provides debt financing to venture capital-backed companies.

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