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GSV Capital gets credit facility

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GSV Capital gets credit facility

GSV Capital Corp. has secured a $12 million senior secured revolving credit facility from Western Alliance Bank.

The facility matures on the later of Aug. 15, 2018, or 30 days prior to the due date of GSV's 5.25% convertible senior notes due Sept. 15, 2018. The borrowings bear an annual interest rate of the prime rate plus 3.50%. GSV has to pay a fee of 0.50% per annum of the average unused portion of the credit facility.

Under the agreement, GSV has to limit incurring additional loans, with unsecured longer-term indebtedness limited to $70 million, and meet the minimum net asset value requirement of at least the greater of $60 million or five times the amount of the credit facility.

The facility is secured by all of GSV's property and assets, except for its assets pledged to secure certain obligations related to the issuance of its 5.25% convertible senior notes due 2018.

Separately, GSV has regained compliance with the independent director requirement for continued listing on the Nasdaq Capital Market with the appointment David Pottruck as a board member.