false 0001653384 0001653384 2024-03-07 2024-03-07 0001653384 rway:CommonStockParValue0.01PerShareMember 2024-03-07 2024-03-07 0001653384 rway:Sec7.50NotesDue2027Member 2024-03-07 2024-03-07 0001653384 rway:Notes8.00Due2027Member 2024-03-07 2024-03-07 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

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):

March 7, 2024 (March 7, 2024)

 

RUNWAY GROWTH FINANCE CORP.

(Exact name of registrant as specified in its charter)

 

Maryland   000-55544   47-5049745
(State or other jurisdiction
of incorporation)
  (Commission File Number)   (I.R.S. Employer Identification No.)

 

205 N. Michigan Ave., Suite 4200

Chicago, Illinois 60601

(Address of principal executive offices and zip code)

 

Registrant’s telephone number, including area code: (312) 281-6270

 

Check the appropriate box below if the Form 8-K 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 (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which
registered
Common Stock, par value $0.01 per share   RWAY   Nasdaq Global Select Market LLC
7.50% Notes due 2027   RWAYL   Nasdaq Global Select Market LLC
8.00% Notes due 2027   RWAYZ   Nasdaq Global Select Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

 

 

 

 

  

Item 8.01. Other Events.

 

On March 7, 2024, Runway Growth Finance Corp. (the “Company”) issued a press release announcing that the Company and Cadma Capital Partners LLC entered into the limited liability company agreement to co-manage Runway-Cadma I LLC (the "JV"). The JV is a joint venture that is expected to invest in various types of investments, including but not limited to first and second lien senior secured term loans, including delayed draw and multi-tranche loans, and secured revolving credit facilities.  The text of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information set forth under this Item 8.01, including the information set forth in Exhibit 99.1 hereto, is being “furnished” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise. The information set forth under this Item 8.01, including Exhibit 99.1, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits:

 

Exhibit Number   Description
     
99.1   Press Release, dated March 7, 2024.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

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 hereunto duly authorized.

 

Date: March 7, 2024 RUNWAY GROWTH FINANCE CORP.
   
  By: /s/ Thomas B. Raterman
    Thomas B. Raterman
    Acting President, Chief Operating Officer, Chief Financial Officer, Treasurer and Secretary

 

 

 

 

Exhibit 99.1 

 

 

 

Runway Growth Finance Corp. Announces Joint Venture with

Cadma Capital Partners

 

MENLO PARK, Calif., March 7, 2024 (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 announced that the Company has established a joint venture (“JV”) with Cadma Capital Partners (“Cadma”), a credit financing platform for the venture and growth ecosystem that is an affiliate of Apollo Global Management. Cadma provides asset-backed financing to venture and growth lenders, high-growth companies, and financial sponsors.

 

"Cadma will serve as a disciplined and experienced partner that shares in our mission to deliver creative financing solutions to the highest quality late-stage and growth companies,” said Greg Greifeld, Acting Chief Executive Officer of Runway Growth, and Deputy Chief Investment Officer and Head of Credit of Runway Growth Capital LLC. “Our combined market expertise, track record as strategic partners, and leadership within the venture debt ecosystem positions us to achieve attractive economics while maintaining excellent credit quality. Through our partnership with Cadma, Runway will increase our presence in the growth lending markets as we seek to deliver returns for our shareholders.”

 

The newly formed joint venture, Runway-Cadma I LLC, will be an equal partnership between Runway and Cadma. The joint venture, with financing capacity of up to $200 million, will focus on financing private and sponsor-backed late- and growth-stage companies.

 

“Runway and Cadma are forming a mutually beneficial partnership to expand high quality asset origination for our firms,” said Jon Beizer, CEO of Cadma. “We believe that our deep understanding of the venture ecosystem and Runway’s strong track record of serving dynamic growth companies will enable us to unlock substantial value. This is only the beginning, and we look forward to deepening this relationship in the years to come.”

 

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 advisor that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

 

About Cadma Capital Partners

Cadma Capital Partners (“Cadma”) is an asset-backed finance platform built for the innovation economy. An affiliate of Apollo Global Management, Cadma provides unique financing solutions for venture and growth companies. In partnership with global leaders across the innovation ecosystem, Cadma structures creative financing solutions to unlock value, provide liquidity, and propel growth. Cadma operates globally, with a team of veteran technology investors and business builders based in New York City and Silicon Valley.

 

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.

 

IR Contacts:

Stefan Norbom, Prosek Partners, snorbom@prosek.com

Thomas B. Raterman, Acting President, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com

 

 

 

 

 

 

 

v3.24.0.1
Cover
Mar. 07, 2024
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Mar. 07, 2024
Entity File Number 000-55544
Entity Registrant Name RUNWAY GROWTH FINANCE CORP.
Entity Central Index Key 0001653384
Entity Tax Identification Number 47-5049745
Entity Incorporation, State or Country Code MD
Entity Address, Address Line One 205 N. Michigan Ave.
Entity Address, Address Line Two Suite 4200
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60601
City Area Code 312
Local Phone Number 281-6270
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
Common Stock, par value $0.01 per share  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol RWAY
Security Exchange Name NASDAQ
7.50% Notes due 2027  
Document Information [Line Items]  
Title of 12(b) Security 7.50% Notes due 2027
Trading Symbol RWAYL
Security Exchange Name NASDAQ
8.00% Notes due 2027  
Document Information [Line Items]  
Title of 12(b) Security 8.00% Notes due 2027
Trading Symbol RWAYZ
Security Exchange Name NASDAQ

Runway Growth Finance (NASDAQ:RWAY)
Historical Stock Chart
From Nov 2024 to Dec 2024 Click Here for more Runway Growth Finance Charts.
Runway Growth Finance (NASDAQ:RWAY)
Historical Stock Chart
From Dec 2023 to Dec 2024 Click Here for more Runway Growth Finance Charts.