Blackstone/GSO gets $550 million five-year secured revolver

By Wendy Van Sickle

Columbus, Ohio, June 19 – Blackstone/GSO Secured Lending Fund entered into a $550 million five-year senior secured revolving credit facility with Citibank, NA as administrative agent on June 15, according to an 8-K filing with the Securities and Exchange Commission.

Citibank, Goldman Sachs Bank USA, State Street Bank and Trust Co. and Sumitomo Mitsui Banking Corp. are the lead arrangers and bookrunners.

Borrowings bear interest at Libor plus 175 basis points if the gross borrowing base is equal to or greater than 1.6 times the combined revolving debt amount or Libor plus 187.5 bps otherwise. There is a fee of 37.5 bps on the daily amount of unused commitments.

There is an accordion under the revolver that could bring total commitments to up to $1.2 billion and a $100 million sublimit for letters of credit.

The company must maintain a 150% asset coverage ratio at all times.

Proceeds may be used for general corporate purposes.

The New York-based company funds its investment in loans through a variety of funding sources, including equity capital, a three-year syndicated financing facility, notes issued to the company and non-recourse leverage from retaining income notes issued by CLOs.

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