Two FS Investment II subsidiaries each enter $250 million revolvers

By Marisa Wong

Madison, Wis., Feb. 25 - FS Investment Corp. II's newly formed, wholly owned special purpose financing subsidiary, Wissahickon Creek LLC, entered into a revolving credit facility on Feb. 19 with Wells Fargo Securities, LLC as administrative agent. The facility provides for borrowings in an aggregate principal amount up to $250 million on a committed basis, according to an 8-K filing with the Securities and Exchange Commission.

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

Pricing is based on Libor plus a spread ranging between 150 basis points and 250 bps, depending on the composition of Wissahickon Creek's portfolio of assets.

Beginning four months after closing, Wissahickon Creek will be subject to a non-usage fee to the extent the aggregate principal amount available under the credit facility has not been borrowed.

Any amounts borrowed under the facility will mature on Feb. 19, 2019.

Borrowings are subject to compliance with a borrowing base, which varies depending upon the types of assets in Wissahickon Creek's portfolio.

Darby Creek facility

On Feb. 20, FSIC II's newly formed, wholly owned special purpose financing subsidiary, Darby Creek LLC, entered into a revolving credit facility with Deutsche Bank AG, New York Branch as administrative agent. The facility provides for borrowings in an aggregate principal amount up to $250 million on a committed basis.

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

Interest is equal to Libor plus 275 bps. Darby Creek will also be subject to a non-usage fee.

The facility matures on Feb. 20, 2018.

Borrowings are subject to compliance with a borrowing base that varies depending upon the types of assets in Darby Creek's portfolio.

Philadelphia-based FSIC II is the investment adviser for both Wissahickon Creek and Darby Creek.

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