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FS Energy’s Bryn Mawr unit gets $100 million senior secured revolver
By Marisa Wong
Morgantown, W.Va., May 24 – Bryn Mawr Funding LLC, a newly formed, wholly owned, subsidiary of FS Energy and Power Fund, entered into a $100 million senior secured revolving credit facility on May 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Barclays Bank plc is the administrative agent.
Borrowings may be made in dollars or foreign currencies.
The facility includes an up to $10 million sub-facility for the issuance of letters of credit.
The facility provides for a four-year revolving period followed by a one-year term-out period.
Interest is equal to Libor plus 325 basis points. The company will also pay a 37.5-bps commitment fee on the unused portion of the facility.
The credit agreement includes the following financial covenants: FS Energy’s minimum consolidated shareholders’ equity must be at least $1.5 billion; FS Energy must maintain at all times a 200% asset coverage ratio; and Bryn Mawr must maintain, as of each quarter-end, an adjusted asset coverage ratio of 350%.
FS Energy and Power Fund is a Philadelphia-based investment company that invests primarily in income-oriented securities of privately held energy- and power-related companies.
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