---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-22-017859"
form_type: "8-K"
ticker: "RAND"
cik: "0000081955"
company_name: "RAND CAPITAL CORP"
filed_at: "2022-06-27T23:59:59+00:00"
generated_at: "2026-06-24T23:08:23.518908+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-22-017859
- form_type: 8-K
- ticker: RAND
- cik: 0000081955
- company_name: RAND CAPITAL CORP
- filed_at: 2022-06-27T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/81955/000149315222017859/0001493152-22-017859-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/81955/000149315222017859/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-22-017859
- JSON: https://secwatch.observer/filing/0001493152-22-017859.json
- Plain text: https://secwatch.observer/filing/0001493152-22-017859.txt

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