U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2018
Venture Lending & Leasing VII, Inc.
(Exact name of registrant as specified in its charter)
MARYLAND | 814-00969 | 45-5589518 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
104 La Mesa Drive, Suite 102, Portola Valley, CA 94028
(Address of principal executive offices, zip code)
(Address of principal executive offices, zip code)
Registrant’s telephone number, including area code: (650) 234-4300
(Former name or former address, if changed since last report): N/A
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act |
¨ | Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. |
Item 1.01. Entry into a Material Definitive Agreement.
On July 18, 2013, Venture Lending & Leasing VII, Inc. (the “Fund”) and Venture Lending & Leasing VII, LLC (the “LLC”) entered into a syndicated loan agreement led by Wells Fargo, N.A. and Union Bank, N.A. that established a secured revolving loan facility in an initial amount of up to $125,000,000 and the option to request that the lenders providing such facility increase the borrowing availability thereunder to no more than $300,000,000 in the aggregate, as commitments might be obtained (the “Loan and Security Agreement”). On November 7, 2014, the Fund and the LLC entered into an agreement with Wells Fargo Bank, N.A., Wells Fargo Securities, LLC, and MUFG Union Bank, N.A. that amended and restated the Loan and Security Agreement and established a secured, syndicated revolving credit facility in an initial amount of up to $255,000,000 (the “Amended and Restated Agreement”).
On October 30, 2017, the Fund and the LLC entered into an agreement with Wells Fargo Bank, N.A., Wells Fargo Securities, LLC, MUFG Union Bank, N.A., and ING Capital, LLC, with participation from Capital One, N.A., Bank of America N.A., ZB, N.A., doing business as California Bank & Trust, East West Bank, First Bank, and Bank Leumi USA, that (i) reduced the size of the facility to $200,000,000, and (ii) amended the interest rate options and commitment fee (the “First Amendment”). The First Amendment has a term of three years and will expire on October 30, 2020. At its option, the Fund may reduce the lenders’ commitments established in the First Amendment by $5,000,000 or more once each calendar month.
The Fund notified the lenders of its intention to permanently reduce the lenders’ aggregate commitments by $20,000,000, effective January 30, 2018. After such reduction is taken into account, the total size of the Fund’s credit facility will be $180,000,000.
SIGNATURES
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 duly authorized.
VENTURE LENDING & LEASING VII, INC.
(Registrant)
By: /s/ Maurice C. Werdegar | By: /s/ Martin D. Eng | |
Maurice C. Werdegar | Martin D. Eng | |
President and Chief Executive Officer | Chief Financial Officer | |
Date: February 1, 2018 | Date: February 1, 2018 | |