UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 — Entry into a Material Definitive Agreement.
On June 27, 2024, SPCC Funding I LLC (the “SPV”), a Delaware limited liability company and wholly owned subsidiary of Stone Point Credit Corporation, a Delaware corporation, executed a letter agreement (the “Fourth Amendment”) to amend its revolving credit agreement (as amended, the “Revolving Credit Agreement”), by and among, inter alios, the SPV, as borrower, Stone Point Credit Adviser LLC, a Delaware limited liability company, as portfolio manager, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent and lender.
The Fourth Amendment, among other things, amended the Revolving Credit Agreement to effect an extension of the Reinvestment Period to June 27, 2027, and of the Scheduled Termination Date to June 27, 2029; the amended Revolving Credit Agreement includes a non-call period from the effective date of the Fourth Amendment until June 27, 2026. The Fourth Amendment increases the financing commitment from $750 million to $850 million and reduces the Applicable Margin from 2.55% per annum to 2.45% per annum with respect to Secured Overnight Financing Rate (SOFR) Loans, as well as changing the rate for Canadian Dollar advances from the Canadian Dollar Offered Rate (CDOR) to a three-month term rate based on the Canadian Overnight Repo Rate Average (CORRA). In connection with the Fourth Amendment, the SPV paid an upfront fee of $5,562,500. All capitalized terms not defined herein shall have the meanings set forth in the Fourth Amendment.
The description above is only a summary of the material provisions of the Fourth Amendment and is qualified in its entirety by reference to a copy of the Fourth Amendment, which is filed as Exhibit 10.1 to this current report on Form 8-K.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description |
| 10.1* | Fourth Amendment to Loan and Security Agreement, dated as of June 27, 2024, among SPCC Funding I LLC, as borrower; Stone Point Credit Adviser LLC, as portfolio manager; U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator; U.S. Bank National Association, as securities intermediary; and JPMorgan Chase Bank, National Association, as administrative agent and lender. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| * | Certain portions of this exhibit have been omitted in accordance with Item 601(b)(10)(vi) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of this exhibit to the Securities and Exchange Commission upon its request. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Stone Point Credit Corporation | ||
| Dated: July 1, 2024 | By: | /s/ Gene Basov |
| Name: | Gene Basov | |
| Title: | Chief Financial Officer | |