Trinity Capital unit enters $300 million credit facility via KeyBank

By Marisa Wong

Los Angeles, Nov. 1 – Trinity Capital Inc. announced it entered into a new $300 million credit facility led by KeyBank NA, according to a press release and an 8-K filing with the Securities and Exchange Commission.

KeyBank is leading the credit facility with a commitment of $75 million. The facility can be expanded to $300 million as additional lenders are added to the lending syndicate, subject to the facility’s credit agreement dated Oct. 27.

Wholly owned special purpose subsidiary TrinCap Funding, LLC is borrower.

The credit facility has a term of five years, comprised of a three-year revolving period and a two-year amortization period.

Borrowings will bear interest at one-month Libor plus 325 basis points, with the ability to scale down to one-month Libor plus 285 bps based on certain factors, including the number and composition of the loans in the collateral pool.

The credit facility features variable advance rates of up to 60% on eligible loans and up to 64% on eligible equipment finance loans.

In addition, the credit agreement contains financial covenants such as a consolidated tangible net worth requirement and a required asset coverage ratio.

KeyBank is administrative agent and syndication agent, with Wells Fargo Bank NA as collateral custodian and paying agent.

Trinity is a specialty lending company based in Phoenix.

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