AB 2020 Form 10-K

12. Subsequent Events Subsequent events after the consolidated statements of assets and liabilities date have been evaluated through the date the financial statements were issued. The Fund has concluded that there are no events requiring adjustment or disclosure in the financial statements, other than as described below. On January 21, 2021, the Fund called capital of $37,718,999 from its investors due February 1, 2021. On February 11, 2021, the Adviser established ABPCIC Funding III LLC (“ABPCIC Funding III”), a Delaware limited liability company. ABPCIC Funding III is 100% owned by the Fund and will be consolidated in the Fund’s consolidated financial statements commencing from the date of its formation. On February 26, 2021, the Fund filed a tender offer statement (“Schedule TO”) with the SEC to purchase for cash up to 502,190.45 of the Fund’s shares of common stock, par value $0.01 per share (the “Shares”) pursuant to tenders at a price per Share equal to the Fund’s net asset value per Share as of March 31, 2021 (the “Purchase Price,” and such date, as it may be extended, the “Expiration Date”) upon the terms and subject to the conditions described in Schedule TO. Payments for tendered Shares will be made 45 days after the Expiration Date. On March 24, 2021, ABPCIC Funding III LLC (the “Borrower”), a wholly-owned subsidiary of the Fund, entered into a warehouse financing transaction. In connection with the warehouse financing transaction, the Borrower entered into, among other agreements, the credit agreement (the “Natixis Credit Agreement”) among the Borrower, the lenders referred to therein, Natixis, New York Branch, as administrative agent and U.S. Bank National Association, as collateral agent, collateral administrator and custodian. The Natixis Credit Agreement provides for borrowings in an aggregate amount up to $100,000,000. Borrowings under the Natixis Credit Agreement will bear interest based on an annual adjusted LIBOR for the relevant interest period or the applicable replacement thereto provided for in the Natixis Credit Agreement, in each case, plus an applicable spread. Any amounts borrowed under the Natixis Credit Agreement will mature, and all accrued and unpaid interest thereunder will be due and payable, on the earlier of (i) March 24, 2031 (or such later date mutually agreed to by the Borrower and the administrative agent) or (ii) upon certain other events which result in accelerated maturity under the Natixis Credit Agreement. F-46