Crescent CapitalBDC Inc.'s wholly owned subsidiary, Crescent Capital BDC Funding LLC,on March 28 entered into a revolving credit agreement with a maximum commitmentamount of $75 million.
The agreement was entered into with Crescent Capital BDC as thecollateral manager, seller and equity holder; Crescent Capital BDC Funding as theborrower; certain banks and other financial institutions as lenders; and Wells FargoBank NA as administrative agent, collateral agent and lender.
The commitment may be increased with the consent of Wells FargoBank or reduced at the company's request, according to a Form 8-K filed March 31.The revolving credit agreement is effective as of March 28.
Proceeds of the advances under the agreement may be used to acquireportfolio investments, to make distributions to the company in accordance with therevolving credit agreement, and to pay related expenses.
The maturity date is the earlier of the date Crescent CapitalBDC Funding voluntarily reduces the commitments to zero, March 28, 2021, and thedate upon which Wells Fargo declares the obligations due and payable after the occurrenceof an event of default.