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Blackstone/GSO gets $200 million revolving credit facility via BofA
By Sarah Lizee
Olympia, Wash., Nov. 13 – Blackstone/GSO Secured Lending Fund entered into a $200 million revolving credit facility on Nov. 6, according to an 8-K filing with the Securities and Exchange Commission.
Bank of America, NA is the lead arranger, administrative agent, letter-of-credit issuer and a lender.
The maximum commitment amount is $200 million, subject to availability under the borrowing base, which is based on the undrawn capital commitments of the fund’s investors.
Borrowings bear interest at Libor plus 200 basis points.
There is an unused commitment fee of 30 bps per year when the outstanding principal obligations are less than 50% of the maximum commitment and 25 bps per year when the outstanding principal obligations are greater than or equal to 50% of the maximum commitment.
The credit facility will mature upon the earliest of Nov. 6, 2019, the date the administrative agent declares obligations under the facility due after the occurrence of an event of default, 30 days prior to the termination of the fund’s constituent documents, 30 days prior to the date on which the fund’s ability to call capital contributions for the purpose of repaying the obligations under the facility is terminated and the date the fund terminates the lender commitments.
The maturity may be extended for two additional 364-day terms.
The credit facility is secured by a pledge of the fund’s right, title and interest in and to the undrawn capital commitments of the fund’s investors.
Blackstone Group is an investment and advisory firm, and GSO is a credit-oriented alternative asset manager. Both are based in New York.
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