FS Investment units get up to $500 million term loan, amend revolver

By Wendy Van Sickle

Columbus, Ohio, May 16 – FS Investment Corp. subsidiary Green Creek LLC entered into an up to $500 million term loan on Monday, and subsidiary Dunning Creek LLC amended its senior secured revolving credit agreement, according to an 8-K filing with the Securities and Exchange Commission.

Under the Green Creek term loan, $400 million was advanced at closing and an additional $100 million is available for 60 days.

Goldman Sachs is the lead arranger and administrative agent.

Borrowings bear interest at Libor plus 250 basis points.

The term loan matures on Dec. 15, 2019.

In connection with the new term loan, Green Creek and another FS Investments subsidiary, Schuylkill River LLC, terminated their debt financing agreement with Goldman Sachs Bank USA, dated Dec. 15, 2014.

The amendment to the Dunning Creek revolver extended its maturity date to May 14, 2018 and increased interest to Libor plus 180 bps.

The revolver was originally entered on May 14, 2014. Deutsche Bank AG, New York Branch is administrative agent.

FS Investment is a business development company based in Philadelphia.

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