BlackRock TCP Capital Corp. Reports Material Definitive Agreement
Ticker: TCPC · Form: 8-K · Filed: Aug 5, 2024 · CIK: 1370755
| Field | Detail |
|---|---|
| Company | Blackrock Tcp Capital Corp. (TCPC) |
| Form Type | 8-K |
| Filed Date | Aug 5, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: BTCC
TL;DR
BTCC entered a new material agreement and has new financial obligations as of Aug 1/5, 2024.
AI Summary
On August 5, 2024, BlackRock TCP Capital Corp. reported the entry into a material definitive agreement and the creation of a direct financial obligation. The filing details events that occurred as of August 1, 2024, and August 5, 2024, related to these financial obligations.
Why It Matters
This filing indicates new financial obligations for BlackRock TCP Capital Corp., which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — The filing concerns material definitive agreements and financial obligations, which inherently carry financial risk.
Key Players & Entities
- BlackRock TCP Capital Corp. (company) — Registrant
- August 5, 2024 (date) — Date of Report
- August 1, 2024 (date) — Date of Earliest Event Reported
FAQ
What type of material definitive agreement did BlackRock TCP Capital Corp. enter into?
The filing states the entry into a material definitive agreement but does not specify the exact nature of the agreement in the provided text.
What is the nature of the direct financial obligation created?
The filing indicates the creation of a direct financial obligation but does not provide specific details about its terms or amount in the provided text.
When did the earliest reported event related to these obligations occur?
The earliest reported event occurred on August 1, 2024.
What is the company's state of incorporation and IRS number?
The company is incorporated in Delaware and its IRS Employer Identification Number is 56-2594706.
What were the previous names of BlackRock TCP Capital Corp.?
The company was formerly known as TCP Capital Corp. (name change on April 2, 2012) and Special Value Continuation Fund, LLC (name change on July 28, 2006).
Filing Stats: 807 words · 3 min read · ~3 pages · Grade level 13.4 · Accepted 2024-08-05 17:01:06
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value TCPC NASDAQ Global Select
Filing Documents
- btcc-html8240_8k.htm (8-K) — 29KB
- btcc-html8240_ex99101.htm (EX-10.1) — 1181KB
- 0001133228-24-007434.txt ( ) — 1645KB
- btcc-20240805_lab.xml (EX-101.LAB) — 33KB
- btcc-20240805_pre.xml (EX-101.PRE) — 22KB
- btcc-20240805.xsd (EX-101.SCH) — 3KB
- btcc-html8240_8k_htm.xml (XML) — 4KB
01
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. On August 1, 2024, BlackRock TCP Capital Corp. ("TCPC") completed Amendment No. 7 (the "Amendment") with respect to: (i) the Amended & Restated Senior Secured Revolving Credit Agreement, dated as of May 6, 2019 and as amended by amendment nos. 1-4, the omnibus amendment and amendment no. 6 thereto (collectively, the "Prior Amendments"), by and among Special Value Continuation Partners LLC, a Delaware limited liability company and a direct, wholly-owned subsidiary of TCPC ("SVCP"), as borrower, ING Capital LLC ("ING"), as administrative agent, collateral agent, arranger and bookrunner, and the lenders party thereto (as amended by the Amendment and the Prior Amendments, the "A&R SVCP Credit Agreement"); and (ii) the Third Amended and Restated Fee Letter, dated as of August 1, 2024, by and among ING and SVCP. Terms used but not defined herein have the meanings given to them in the A&R SVCP Credit Agreement. The Amendment, among other things, (i) extends the expiration date of the A&R SVCP Credit Agreement and the maturity date with respect to loans made thereunder to August 1, 2028 and August 1, 2029, respectively, (ii) deletes references to the 2022 Notes, (iii) removes certain borrowing base restrictions, (iv) lowers the SOFR adjustment, (v) updates the minimum amount of stockholder's equity figure, (vi) updates the "change in control" provisions to account for personnel changes and structuring variations and (vii) updates certain mechanical/administrative provisions, including provisions for replacing CDOR and other reference rates. In addition, the A&R SVCP Credit Agreement continues to contain customary representations, covenants (including restrictions on the incurrence of additional indebtedness, liens and dividends, and requirements to maintain (i) a certain minimum amount of shareholder's equity, (ii) a certain minimum ratio of the value of the collateral to the Covered Debt Amount and (iii) a certain
03
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF BALANCE SHEET ARRANGEMENT OF REGISTRATION The information set forth in Item 1.01 of this Form 8-K is incorporated herein by reference.
FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits 10.1 Amendment No. 7 to Amended & Restated Senior Secured Revolving Credit Agreement, dated August 1, 2024, by and among Special Value Continuation Partners LLC, the subsidiary guarantors party thereto, ING Capital LLC, as administrative agent, arranger and bookrunner and the lenders party thereto SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. BLACKROCK TCP CAPITAL CORP. Date: August 5, 2024 By: /s/ Erik L. Cuellar Name: Erik L. Cuellar Title: Chief Financial Officer and Treasurer