SEC Filing Summary: Technology Investment Capital Corp.
Business Context and Reporting Period
This Form 8-K was filed on October 19, 2005, reporting events occurring on October 13, 2005. The registrant is Technology Investment Capital Corp., a Maryland corporation focused on investing in technology-related companies. Note: The request metadata references "Oxford Square Capital Corp.," but the filing text explicitly identifies the registrant as "Technology Investment Capital Corp."
Key Financial Metrics and Debt
The filing details a significant expansion of the Company's debt capacity rather than reporting operational financial results such as revenue or profit.
- Credit Facility Increase: The Company amended its existing credit agreement to increase the senior secured revolving credit facility from $35 million to $100 million.
- Lenders: Bayerische Hypo-Und Vereinsbank, AG, New York Branch (HVB) remains the administrative agent and a lender. Royal Bank of Canada joined as a new lender.
- Interest Rates: Base Rate Loans bear interest at the greater of the prime rate or Federal Funds Rate plus 0.5%, plus 1.75%. LIBOR Loans bear interest at LIBOR plus 2.75%.
- Maturity Dates: The original $35 million tranche is payable in full on May 18, 2007. The additional $65 million tranche is payable in full on February 10, 2006.
Material Changes
The primary material change is the amendment of the credit facility executed on October 13, 2005. This action increased the total available borrowing capacity by $65 million. The filing does not provide comparative financial data (e.g., revenue or net income) against prior periods as this is a current report regarding a specific corporate action.
Outlook, Risks, and Use of Proceeds
Use of Proceeds: The Company intends to use the proceeds from the Amended Credit Facility to invest in the debt and/or equity of technology-related companies and for general corporate purposes.
Risks and Covenants: The facility includes customary covenants regarding corporate existence, legal compliance, tax payments, and insurance. Events of default include failure to pay interest or principal, insolvency, change of control, and certain ERISA events. During an event of default, the Company must pay interest at a default rate. Borrowings are at the sole discretion of the lenders.
Investor Verification Checklist
- Verify the exact identity of the registrant (Technology Investment Capital Corp. vs. Oxford Square Capital Corp.) to ensure correct entity analysis.
- Confirm the specific maturity dates for the two tranches of debt ($35 million due 2007; $65 million due 2006).
- Review the full text of the Amendment (Exhibit 10.1) for specific financial covenants and leverage ratios not detailed in this summary.
- Monitor the Company's actual drawdowns against the $100 million facility to assess leverage levels.