Stellus amends credit facility: cuts commitment to $260M, extends maturity to 2028, lowers interest coverage covenant

Stellus Capital Investment Corp

Maximum commitment reduced from $265M to $260M; accordion limit raised from $315M to $350M.
Commitment termination extended to Nov 21, 2027; final maturity to Nov 21, 2028.
Interest coverage ratio requirement lowered from 2.00:1.00 to 1.75:1.00, effective Q4 2023.
Requires refinancing of $115M 4.875% Unsecured Notes due 2026 by Sept 30, 2025.
Authorizes replacement of CDOR with CORRA benchmark for Canadian dollar advances.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Stellus Capital Investment Corp amended Fourth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement with Zions Bancorporation, N.A. dba Amegy Bank valued at Decreased maximum commitment from $265,000,000 to $260,000,000; increased accordion limit from $315, (effective 2023-11-21).

Action: amendment
Agreement: credit facility
Counterparty: Zions Bancorporation, N.A. dba Amegy Bank
Value: Decreased maximum commitment from $265,000,000 to $260,000,000; increased accordion limit from $315,
Effective: 2023-11-21

Exact text from the filing

On November 21, 2023, Stellus Capital Investment Corporation (the “Company”) entered into the Fourth Amendment to Amended and Restated Senior Secured Revolving Credit Agreement (the “Fourth Amendment Agreement”) by and among the Company, as the borrower, Zions Bancorporation, N.A. dba Amegy Bank (“Amegy Bank”), as the administrative agent, and the lenders that are party thereto from time to time (collectively, the “Lenders”).

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Source: SEC EDGAR

accession 0001104659-23-120815

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