06/30/2026 | Press release | Distributed by Public on 06/30/2026 09:30
Termination of Senior Secured Revolving Credit Facility
On June 29, 2026, Hancock Park Corporate Income, Inc., a Maryland corporation (the "Company"), terminated the Business Loan Agreement dated as of September 9, 2019 (as amended, the "Loan Agreement") with Banc of California (formerly known as Pacific Western Bank), as lender ("Banc of California"), which provided for up to $7.5 million of borrowings pursuant to a senior secured revolving credit facility (the "Banc of California Facility") for general corporate purposes, including investment funding. The Loan Agreement contained covenants that, among other things, limited or restricted the Company's ability to incur additional indebtedness or liens, engage in mergers, acquisitions, dispositions or fundamental changes and required the Company to maintain a minimum tangible net asset value, a minimum quarterly net investment income, a maximum debt-to-net-asset-value ratio and the statutory asset coverage requirements applicable to business development companies under the Investment Company Act of 1940, as amended.
As of December 31, 2025 and March 31, 2026, the Company had outstanding borrowings under the Banc of California Facility of $2,650,000 and $1,650,000, respectively, and no amounts were outstanding as of June 29, 2026. The Banc of California Facility would have expired on February 28, 2028. In light of its limited usage and annual commitment fees, the Company determined to terminate the Banc of California Facility.
The Company, Banc of California and U.S. Bank National Association, as custodian, also terminated the Custody Control Agreement dated as of September 12, 2018, by and among the same parties.
The Company did not incur any material early termination penalties in connection with the termination of the Banc of California Facility.
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