U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 23, 2011
Venture Lending & Leasing VI, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
2010 North First Street, Suite 310, San Jose, CA 95131
(Address of principal executive offices, zip code)
Registrant's telephone number, including area code: (408) 436-8577
(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 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As previously reported by Venture Lending & Leasing VI, Inc. (the “Fund”), the Fund is a party to a Loan and Security Agreement, dated as of January 14, 2011, with Union Bank, N.A., which established a secured revolving loan facility in an initial amount of up to $40 million (the “Loan Agreement”), which amount was subsequently increased to $60 million.
On September 23, 2011, the Fund entered into agreements with Union Bank, N.A., Wells Fargo Bank, N.A. and Bank Leumi USA, which amended and restated the Loan Agreement in its entirety, and increased the size of the facility to $160 million. As a condition to the increase in the size of the facility, the Fund is required to pay $663,382 in upfront fees. Pursuant to the Loan Agreement, as so amended, the Fund has the option to request that the lenders providing such facility increase the borrowing availability thereunder to no more than $170 million in the aggregate, as commitments may be obtained.
Borrowings by the Fund under the Loan Agreement will continue to be collateralized by the personal property and other assets of the Fund. Loans under the facility may be, at the option of the Fund, either Reference Rate loans or LIBOR loans. The Fund pays interest on its borrowings and also pays a fee on the unused portion of the facility. The facility will terminate on September 23, 2014, but can be accelerated under an event of default such as failure by the Fund to make timely interest or principal payments. Currently, approximately $50 million is outstanding under the facility.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number Description
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 VI, INC.
By: /S/ Maurice C. Werdegar
By: /S/ Martin D. Eng
Maurice C. Werdegar
Martin D. Eng
Chief Executive Officer
Chief Financial Officer
Date: September 26, 2011
Date: September 26, 2011