Rand Capital secures $25M senior secured credit facility from M&T Bank (SOFR+3.5%, 5-year)

RAND CAPITAL CORP

Entered into $25M senior secured revolving credit facility with M&T Bank; matures June 2027.
Interest rate: Daily Simple SOFR plus 3.50% per annum, with 0.25% SOFR floor.
Proceeds to be used for future portfolio investments in lower middle market companies.
Borrowing base: 75% of public equity FMV, 50% of eligible private loans, with sub-limits.
Financial covenants: tangible net worth ≥$50M, asset coverage ≥3:1, interest coverage ≥2.5:1.

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