On December 27, 2019, the Board of Governors of the Federal Reserve System (the “Board” or the “Federal Reserve”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Office of the Comptroller of the Currency (the “OCC”) (collectively, the “Agencies”) issued a “Statement Regarding Status of Certain Investment Funds and Their Portfolio Investments for Purposes of Regulation O and Reporting Requirements under Part 363 of FDIC Regulations” (the “Statement”). The Statement establishes a “no action” position for bank extensions of credit to portfolio companies of certain institutional investors that would otherwise violate the limitations and restrictions of Regulation O on bank extensions of credit to the “related interests” of “principal shareholders.”