secwatch.observer — SEC 8-K summary
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Issuer:     RAND CAPITAL CORP (RAND)
CIK:        0000081955
Form:       8-K
Filed at:   2022-06-27T23:59:59+00:00
Accession:  0001493152-22-017859
Event type: debt
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/81955/000149315222017859/0001493152-22-017859-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/81955/000149315222017859/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-017859

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