Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

TRINITY CAPITAL INC.

(TRIN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

TRINITY CAPITAL INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events, Financial Statements and Exhibits (form 8-K)

08/24/2021 | 04:08pm EDT

Item 1.01 - Entry into a Material Definitive Agreement

On August 24, 2021, Trinity Capital Inc. (the "Company") and U.S. Bank National Association (the "Trustee"), entered into a third supplemental indenture (the "Third Supplemental Indenture") to the indenture, dated as of January 16, 2020, between the Company and the Trustee (the "Base Indenture"; and together with the Third Supplemental Indenture, the "Indenture"), relating to the Company's issuance, offer and sale of $125,000,000 aggregate principal amount of its 4.375% notes due 2026 (the "Notes").

The Notes will mature on August 24, 2026, and the Company may redeem some or all of the Notes at any time, or from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any Notes on or after July 24, 2026 (the date falling one month prior to the maturity date of the Notes), the redemption price for the Notes will be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

The Notes bear interest at a rate of 4.375% per year payable semiannually on February 15 and August 15 of each year, commencing on February 15, 2022. The Notes are direct unsecured obligations of the Company.

The Company expects to use the net proceeds from this offering to pay down its existing indebtedness outstanding under a $300 million credit agreement (as amended, the "Credit Agreement") with Credit Suisse AG, in an amount expected to be equal to approximately $106 million. The Credit Agreement has a maturity date of January 8, 2022 and generally bears interest at a rate of the three-month LIBOR plus 3.25%. As of August 17, 2021, the Company had approximately $106 million of indebtedness outstanding under the Credit Agreement through its wholly-owned subsidiary, Trinity Funding 1, LLC. The Company may reborrow under the Credit Agreement to make investments in accordance with its investment objective and investment strategy and for general corporate purposes. The Company intends to use the remaining net proceeds, if any, from this offering to make investments in accordance with its investment objective and investment strategy and for general corporate purposes.

The Indenture contains certain covenants including covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a) of the Investment Company Act of 1940, as amended, or any successor provisions, but giving effect, in either case, to any exemptive relief granted to the Company by the Securities and Exchange Commission, and to provide financial information to the holders of the Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, upon the occurrence of a change of control repurchase event (which involves the occurrence of both a change of control and a below investment grade rating of the Notes by Egan-Jones Rating Company), the Company will be required to make an offer to purchase the Notes at a price equal to 100% of the principal amount plus accrued and unpaid interest to, but not including, the date of purchase.

The Notes were offered and sold pursuant to the Registration Statement on Form N-2 (File No. 333-257818) previously filed with the Securities and Exchange Commission, as supplemented by a preliminary prospectus supplement dated August 19, 2021, a final prospectus supplement dated August 19, 2021, and the pricing term sheet dated August 19, 2021. The transaction closed on August 24, 2021.

The foregoing descriptions of the Base Indenture, Third Supplemental Indenture and the Notes do not purport to be complete and are qualified in their entirety by reference to the full text of the Base Indenture, Third Supplemental Indenture and the Notes, respectively, each filed as exhibits hereto and incorporated by reference herein.

Item 2.03 - Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant

The information set forth under Item 1.01 of this Form 8-K is incorporated herein by reference.



Item 8.01 - Other Events



On August 24, 2021, the Company issued a press release announcing the closing of the public offering of the Notes. This press release is included as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01 - Financial Statements and Exhibits




(d) Exhibits:



Exhibit
 Number                                   Description

  4.1        Indenture, dated as of January 16, 2020, by and between Trinity Capital
           Inc. and U.S. Bank National Association, as trustee (incorporated by
           reference to exhibit 4.3 to the Company's Registration Statement on Form
           10 filed on January 16, 2020).

  4.2        Third Supplemental Indenture, dated as of August 24, 2021, between
           Trinity Capital Inc. and U.S. Bank National Association, as Trustee

  4.3        Form of 4.375% Note Due 2026 (included as part of Exhibit 4.2)

  5.1        Opinion of Eversheds Sutherland (US) LLP

  23.1       Consent of Eversheds Sutherland (US) LLP (included as part of Exhibit
           5.1)

  99.1       Press Release, dated August 24, 2021.

© Edgar Online, source Glimpses

All news about TRINITY CAPITAL INC.
10/14TRINITY CAPITAL INC. : Schedules Release of Third Quarter 2021 Financial Results and Confe..
PR
10/05EOS ENERGY ENTERPRISES : Unit Secures $25 Million Equipment Financing With Trinity Capital
MT
09/29TRINITY CAPITAL : Announces Adjustment to Conversion Rate of its 6.00% Convertible Notes d..
PU
09/29TRINITY CAPITAL INC. : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
09/28TRINITY CAPITAL INC. : Expands Team with Ryan Thompson as Managing Director to Drive Growt..
PR
09/28Trinity Capital Inc. Expands Team with Ryan Thompson as Managing Director to Drive Grow..
CI
09/14TRINITY CAPITAL : Raises Quarterly Cash Dividend by 13.8% to $0.33 a Share, Payable Oct. 1..
MT
09/14TRINITY CAPITAL INC. : Declares Cash Dividend of $0.33 per Share for the Third Quarter of ..
PR
09/14Trinity Capital Inc. Declares Cash Dividend for the Third Quarter Ending September 30, ..
CI
09/13TRINITY CAPITAL : Horizon Technology Finance and Trinity Capital Provide $40 Million Ventu..
PR
More news
Analyst Recommendations on TRINITY CAPITAL INC.
More recommendations
Financials (USD)
Sales 2021 77,3 M - -
Net income 2021 69,6 M - -
Net Debt 2021 - - -
P/E ratio 2021 5,87x
Yield 2021 7,56%
Capitalization 424 M 424 M -
Capi. / Sales 2021 5,49x
Capi. / Sales 2022 4,40x
Nbr of Employees 39
Free-Float 94,3%
Chart TRINITY CAPITAL INC.
Duration : Period :
Trinity Capital Inc. Technical Analysis Chart | TRIN | US8964423086 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 7
Last Close Price 15,97 $
Average target price 17,18 $
Spread / Average Target 7,57%
EPS Revisions
Managers and Directors
Steven L. Brown Chairman & Chief Executive Officer
Kyle Brown President, Director & Chief Investment Officer
David Michael Lund Chief Financial Officer & Treasurer
Sarah Stanton Secretary & Chief Compliance Officer
Ronald E. Estes Independent Director
Sector and Competitors