FS Investment III subsidiary Burholme obtains $100 million revolver

By Tali Rackner

Norfolk, Va., Oct. 23 – FS Investment Corp. III’s wholly owned financing subsidiary, Burholme Funding LLC, entered into a committed facility arrangement on Oct. 17 with agent BNP Paribas Prime Brokerage, Inc., according to an 8-K filing with the Securities and Exchange Commission.

The facility provides for borrowings in an aggregate principal amount up to $100 million on a committed basis.

Interest is equal to Libor plus 110 basis points. Burholme will also be subject to a non-usage fee.

Burholme’s obligations under the credit facility, which are non-recourse to FSIC III, are secured by a first-priority security interest in substantially all of Burholme’s assets, including its portfolio of assets.

State Street Bank and Trust Co. is the custodian.

FS Investment is a business development company based in Philadelphia.

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