AB 2020 Form 10-K

Borrowings under the Synovus Credit Facility are secured by all of the assets held by ABPCIC Funding II. Pursuant to the agreements establishing the Synovus Credit Facility, the Adviser will perform certain duties with respect to the purchase and management of the assets securing the Synovus Credit Facility. The Adviser will not receive a fee for these services so long as the Adviser or an affiliate thereof continues providing such services. ABPCIC Funding II will reimburse all reasonable expenses, disbursements and advances incurred or made by the Adviser in the performance of its obligations relating to the Synovus Credit Facility All of the collateral pledged to the lenders by ABPCIC Funding II under the Synovus Credit Facility is held in the custody of the Collateral Custodian or the Securities Intermediary. The Collateral Custodian will maintain and perform certain custodial services with respect to the collateral pledged to support the Synovus Credit Facility. As compensation for the services rendered by U.S. Bank in its capacities as Collateral Custodian and Collateral Agent, ABPCIC Funding II will pay U.S. Bank, on a quarterly basis, customary fee amounts and reimburse U.S. Bank for its reasonable out-of-pocket expenses. The Synovus Credit Agreement contains certain customary covenants and events of default, with customary cure and notice provisions. As of December 31, 2020, the Fund is in compliance with these covenants. The Fund’s outstanding borrowings through the revolving credit facilities as of December 31, 2020 were as follows: Aggregate Borrowing Amount Committed Outstanding Borrowing Amount Available Carrying Value HSBC $ 50,000,000 $ 46,000,000 $ 4,000,000 $ 46,000,000 Synovus 100,000,000 84,700,000 15,300,000 84,700,000 Total $150,000,000 $130,700,000 $19,300,000 $130,700,000 The Fund’s outstanding borrowings through the Revolving Credit Facility as of December 31, 2019 were as follows: Aggregate Borrowing Amount Committed Outstanding Borrowing Amount Available Carrying Value HSBC $ 50,000,000 $ 19,500,000 $30,500,000 $ 19,500,000 Total $ 50,000,000 $ 19,500,000 $30,500,000 $ 19,500,000 As of December 31, 2020 and December 31, 2019, deferred financing costs were $1,648,701 and $64,959, respectively, which remain to be amortized, and are reflected on the consolidated statements of assets and liabilities. Collateralized Loan Obligations On August 9, 2019, CLO VI (the “Issuer”) and ABPCI Direct Lending Fund CLO VI LLC, a limited liability company organized under the laws of the State of Delaware (the “Co-Issuer,” and together with the Issuer, the “Co-Issuers”), each a newly formed special purpose vehicle, completed a $300,500,000 term debt securitization (the “CLO Transaction”). The stated reinvestment date is August 9, 2022. The CLO Transaction was executed through a private placement and the notes offered (the “Notes”) that remain outstanding as of December 31, 2020 and December 31, 2019 were as follows: December 31, 2020 Principal Amount Interest Rate Carrying Value (1) Class A-1 Senior Secured Floating Rate Note (“Class A-1”) $178,200,000 L + 1.73% $176,706,612 Class A-2A Senior Secured Floating Rate Note (“Class A-2A”) $ 25,000,000 L + 2.45% $ 24,790,490 Class A-2B Senior Secured Fixed Rate Note (“Class A-2B”) $ 9,950,000 4.23% $ 9,840,396 Class B Secured Deferrable Floating Rate Note (“Class B”) $ 16,400,000 L + 3.40% $ — * Class C Secured Deferrable Floating Rate Note (“Class C”) $ 17,350,000 L + 4.40% $ — * Subordinated Notes $ 53,600,000 N/A $ — * * Class B, Class C and Subordinated Notes have been eliminated in consolidation. (1) Carrying value is net of unamortized discount and debt issuance costs. Unamortized discount and debt issuance costs associated with the Notes totaled $26,440 and $1,786,062, respectively, as of December 31, 2020 and are reflected on the consolidated statements of assets and liabilities. F-30