Venture Lender WTI Fund X Refinances With $125 Million MUFG Facility, Retiring ING Line
Most of the new borrowing is a $100 million term loan that starts paying down in mid-2027, replacing a revolver the fund had drawn to $95 million.
October 16, 2026
WTI Fund X, Inc. has refinanced its borrowing. The fund replaced a revolving credit line led by ING Capital with a senior secured facility of up to $125 million, arranged by MUFG Bank, Ltd.
The new facility closed on October 8 and has two parts: a $100 million single-draw term loan, funded at closing, and a $25 million revolving credit facility. On the same day, the fund repaid the full $95 million outstanding under its ING Capital revolver, which had been in place since October 2021, and terminated that facility.
WTI Fund X is a business development company that makes secured loans to venture-backed companies. It is managed by Western Technology Investment, a venture debt firm based in Portola Valley, California.
From Revolving to Amortizing Debt
The refinancing moves most of the fund's borrowing from revolving to term debt. The term loan is repaid in ten equal quarterly installments of $10 million, starting June 30, 2027. Revolver borrowings are due in full at maturity. However, those advances are secured by the fund's assets, so the fund may have to repay them early if its assets decline.
The whole facility matures on October 8, 2029. It can be accelerated after an event of default, such as a missed interest or principal payment.
Pricing and Collateral
For revolver borrowings, the fund can choose between a reference rate or Term SOFR, each plus an applicable margin. The term loan bears interest at Term SOFR plus a margin. The margins themselves were not disclosed. The fund will also pay a 0.25% fee on the unused portion of the revolver. It incurred about $1.0 million in fees and expenses on the deal, which it will amortize on a straight-line basis over the facility's expected life.
The facility is secured by three layers of collateral:
- all of the fund's portfolio investments and substantially all of its other assets;
- the equity interests that WTI Fund X, LLC, the facility's guarantor, holds in the fund and its subsidiaries; and
- a pledge of the uncalled capital commitments of the LLC's investors.
Covenants
The agreement requires the fund to maintain specified debt service coverage, interest coverage, unfunded commitment and asset coverage ratios. It also caps the fund's quarterly and annual loan loss reserve ratios. Negative covenants limit liens, consolidations and mergers, asset sales, and capital expenditures.
