MENLO PARK, Calif., March 21, 2025 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today provided two operational updates. On March 18, 2025, the Company amended and extended its credit agreement with KeyBank National Association (“KeyBank”). In addition, the Board of Directors (the “Board”) has also expanded the size of the Board from five members to eight members, as previously disclosed.
“These achievements strengthen our balance sheet and enhance our governance profile on the heels of Runway Growth Capital’s completed merger with BC Partners Credit,” said David Spreng, Founder and CEO of Runway Growth. “Our appointments add industry expertise and bolster our Board with key public company experience. Further, our revised credit agreement provides Runway Growth with additional financial flexibility as we seek to optimize our portfolio through an expanded suite of financing solutions for current and prospective borrowers. We believe these operational milestones will lead to strong performance and, in turn, generate attractive returns for our stockholders in the months and years to come.”
Credit Agreement
The amended credit agreement extends the maturity date and revolving period for the Company’s credit facility. Additionally, the revised agreement permits expanded financing solutions that Runway Growth can offer its borrowers. These include but are not limited to: cash flow based loans, asset based loans and recurring revenue loans. The facility is led by KeyBank and includes fourteen lenders in total.
Board Refreshment
On March 13, 2025, in connection with the expanded size of the Board, the Board appointed the following individuals to serve on the Board, effective March 21, 2025:
- Ted Goldthorpe was appointed to the role of Chairman of the Board and will serve as an interested Class II director until the Company's 2027 annual meeting of stockholders.
- Alexander Duka was appointed to serve as an independent Class I director until the Company's 2026 annual meeting of stockholders.
- Robert Warshauer was appointed to serve as an independent Class III director until the Company's 2026 annual meeting of stockholders.
Additionally, in the past year, both Catherine Frey and Jennifer Kwon Chou were appointed to the Board of Directors as independent directors, in connection with previously disclosed resignations. Ms. Frey’s appointment took effect on January 23, 2025, and Ms. Chou’s appointment will take effect on March 21, 2025. More information regarding the recent Board appointees is available on the Company’s website in the “Financials & Filings” section.
About Runway Growth Finance Corp.
Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Important Disclosures
Strategies described involve special risks that should be evaluated carefully before a decision is made to invest. Not all of the risks and other significant aspects of these strategies are discussed herein. Please see a more detailed discussion of these risk factors and other related risks in the Company’s most recent annual report on Form 10-K in the section entitled “Risk Factors”, which may be obtained on the Company’s website, www.runwaygrowth.com, or the SEC’s website, www.sec.gov.
IR Contacts:
Taylor Donahue, Prosek Partners, rway@prosek.com
Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com
