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MCGC > SEC Filings for MCGC > Form 8-K on 21-Jan-2014All Recent SEC Filings

Show all filings for MCG CAPITAL CORP



Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement.
On January 21, 2014, MCG Commercial Loan Trust 2006-1, a Delaware statutory trust (the "Trust") and a wholly-owned subsidiary of MCG Capital Corporation, a Delaware corporation ("MCG" or the "Company"), redeemed or otherwise satisfied in full all outstanding notes issued pursuant to, and all other obligations outstanding under, and terminated that certain Indenture (as amended, modified, waived or supplemented from time to time, the "Indenture"), dated as of April 18, 2006, by and between the Trust and Wells Fargo Bank, National Association ("Wells Fargo"), not in its individual capacity but solely in its capacity as the Trustee.
The notes issued pursuant to and other obligations outstanding under the Indenture were secured primarily by the assets of the Trust, including commercial loans that MCG sold to the Trust. Such loans were required to meet certain requirements, such as asset mix and concentration, collateral coverage, term, agency rating, minimum coupon, minimum spread and sector diversity requirements. On January 21, 2014, the Trust redeemed in full its outstanding Class D Notes for an aggregate redemption price of approximately $40.3 million of which approximately $14.9 million will be paid to the Company in respect of the Class D Notes held by it, the assets of the Trust were transferred to the Company and the Indenture was terminated.
All custodial property previously held in connection with the Indenture will continue to be held by Wells Fargo for the account of the Company in accordance with the terms of the custody agreement by and between the Company and Wells Fargo.

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