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Last10K.com | 10-K Annual Report Fri Mar 12 2021
View differences made from one year to another to evaluate Harvest Capital Credit Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Harvest Capital Credit Corp.
Assess how Harvest Capital Credit Corp's management team is paid from their Annual Proxy
Harvest Capital Credit Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:
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Revenue - Geography Highlight
In addition, the Credit Facility contains events of default and cross-default provisions relating to other indebtedness, as well as affirmative and negative covenants, including, among other things: (i) a limit on our senior debt-to-tangible equity ratio of 1.00 to 1.00 at any time; (ii) a limit on our total debt-to-tangible equity ratio of 1.40 to 1.00 at any time; (iii) a limit on our debt service coverage ratio of 1.25 to 1.00 as of the end of any quarter in the period beginning as of August 1, 2020 (which ratio was 1.40 to 1.00 as of the end of any quarter prior to August 1, 2020); (iv) a requirement that our tangible net worth not be less than $58.0 million; (v) minimum liquidity; and (vi) maintenance of RIC and BDC status.
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Financial - Income Highlight
A prolonged reduction in interest rates will reduce our gross investment income and could result in a decrease in our net investment income if such decreases in LIBOR are not offset by a corresponding increase in the spread over LIBOR that we earn on any portfolio investments, a decrease in our operating expenses, or a decrease in the interest rate of our floating interest rate liabilities tied to LIBOR.
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Financial - Income Highlight
The $1.1 million decrease in investment income in the year ended December 31, 2020 is primarily attributable to a lower weighted average effective yield on our portfolio, a decrease in the size of our interest-earning portfolio, and lower prepayment fees compared to the year ended December 31, 2019 as well as to the addition of Pro Air Holdings Corporation, GK Holdings, Inc., and GNC (which was subsequently removed after it was restructured) to our non-accrual assets during the year ended December 31, 2020, offset by the removal of Infinite Care, LLC from our non-accrual assets during the year.
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Other - Other Highlight
Beginning as of August 1, 2020, during the amortization period, we are required to pay down the principal amount outstanding under the Credit Facility on a monthly basis in equal installments during the relevant calendar quarter so that such outstanding amounts will be reduced by an amount equal to or greater than (i) $2.2 million for each of the first two full calendar quarters following July 31, 2020, (ii) $3.3 million for each of the succeeding two full calendar quarters and (iii) $4.3 million for each succeeding calendar quarter until termination of the Credit Facility, which is scheduled to mature on October 30, 2021.
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Financial - Debt Highlight
The weighted average annualized effective yield on debt and other income-producing investments is computed using the effective interest rates for our debt and other income-producing investments, including cash and PIK interest as well as the accretion of deferred fees.
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Other - Other
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Credit Facility On October 29,...Read more
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In October 2020, GNC was...Read more
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Material Contracts, Statements, Certifications & more
Harvest Capital Credit Corp provided additional information to their SEC Filing as exhibits
Ticker: HCAP
CIK: 1559909
Form Type: 10-K Annual Report
Accession Number: 0001559909-21-000005
Submitted to the SEC: Fri Mar 12 2021 5:05:09 PM EST
Accepted by the SEC: Fri Mar 12 2021
Period: Thursday, December 31, 2020
Industry: 1559909
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