FS Energy unit gets $150 million revolver at Libor plus 240 bps

By Susanna Moon

Chicago, July 16 - FS Energy and Power Fund's wholly owned special-purpose financing subsidiary Energy Funding LLC obtained a $150 million 10-year revolving credit facility.

Interest on the loans is Libor plus 240 basis points.

The company entered into the agreement July 11 with Natixis, New York Branch as administrative agent and lender, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Bank, NA is the collateral agent and custodian.

Borrowings under the facility are subject to compliance with an overcollateralization ratio test for the current value of Energy Funding's portfolio, an interest coverage ratio test for the payments due under the facility and eligibility criteria for the initial acquisition of each debt security in Energy Funding's portfolio.

The facility will mature on July 11, 2023.

The fund is sponsored by Philadelphia-based Franklin Square Capital Partners.

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