---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-072143"
form_type: "8-K"
ticker: null
cik: "0001784700"
company_name: "Varagon Capital Corp"
filed_at: "2023-12-21T23:59:59+00:00"
generated_at: "2026-06-07T09:16:21.210110+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Varagon Capital issues $50M in senior notes: $25M at 8.10% due 2026, $25M at 8.20% due 2028

## Summary
- Issued $25M 8.10% Senior Notes (Tranche A) due Dec 21, 2026, and $25M 8.20% Senior Notes (Tranche B) due Dec 21, 2028.
- Notes are guaranteed by wholly owned subsidiary VCC Equity Holdings, LLC.
- Interest payable semi-annually; optional redemption with make-whole premium before Sep 21, 2026 (Tranche A) and Sep 21, 2027 (Tranche B).
- Covenants include minimum net worth of $288M and asset coverage ratio of 1.50:1.
- Rate may increase up to 2.00% upon below-investment-grade rating or secured debt ratio events.

## SEC filing metadata
- accession: 0000950170-23-072143
- form_type: 8-K
- cik: 0001784700
- company_name: Varagon Capital Corp
- filed_at: 2023-12-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1784700/000095017023072143/0000950170-23-072143-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1784700/000095017023072143/ck0001784700-20231221.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-072143
- JSON: https://secwatch.observer/filing/0000950170-23-072143.json
- Plain text: https://secwatch.observer/filing/0000950170-23-072143.txt

## Key facts
- Debt Financings
  Varagon Capital Corp incurred senior notes of $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche B with qualified institutional investors at fixed interest rate of 8.20% per year maturing due December 21, 2028.
  - Instrument: senior notes
  - Principal: $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche B
  - Counterparty: qualified institutional investors
  - Rate: fixed interest rate of 8.20% per year
  - Maturity: due December 21, 2028
  - Event: incurrence
  source text: On December 21, 2023, Varagon Capital Corporation (the “Company”) entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due December 21, 2026, with a fixed interest rate of 8.10% per year (the “Tranche A Notes”), and $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due December 21, 2028, with a fixed interest rate of 8.20% per year (the “Tranche B Notes” and, together with the Tranche A Notes, the “Notes”), to qualified institutional investors in a private placement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1784700/000095017023072143/0000950170-23-072143-index.htm
- Debt Financings
  Varagon Capital Corp incurred senior notes of $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche A with qualified institutional investors at fixed interest rate of 8.10% per year maturing due December 21, 2026.
  - Instrument: senior notes
  - Principal: $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche A
  - Counterparty: qualified institutional investors
  - Rate: fixed interest rate of 8.10% per year
  - Maturity: due December 21, 2026
  - Event: incurrence
  source text: On December 21, 2023, Varagon Capital Corporation (the “Company”) entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due December 21, 2026, with a fixed interest rate of 8.10% per year (the “Tranche A Notes”), and $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due December 21, 2028, with a fixed interest rate of 8.20% per year (the “Tranche B Notes” and, together with the Tranche A Notes, the “Notes”), to qualified institutional investors in a private placement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1784700/000095017023072143/0000950170-23-072143-index.htm
- Material Agreements
  Varagon Capital Corp entered into Master Note Purchase Agreement with qualified institutional investors (effective 2023-12-21).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: qualified institutional investors
  - Effective: 2023-12-21
  source text: On December 21, 2023, Varagon Capital Corporation (the “Company”) entered into a Master Note Purchase Agreement (the “Note Purchase Agreement”) governing the issuance of $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche A, due December 21, 2026, with a fixed interest rate of 8.10% per year (the “Tranche A Notes”), and $25,000,000 in aggregate principal amount of Series A Senior Notes, Tranche B, due December 21, 2028, with a fixed interest rate of 8.20% per year (the “Tranche B Notes” and, together with the Tranche A Notes, the “Notes”), to qualified institutional investors in a private placement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1784700/000095017023072143/0000950170-23-072143-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.