FS Investment II unit Juniata gets $300 million 90-day credit facility

By Toni Weeks

San Luis Obispo, Calif., Nov. 20 – FS Investment Corp. II special purpose financing subsidiary Juniata River LLC entered into a 90-day, delayed-draw $300 million senior secured term credit facility on Nov. 14 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The facility matures on Nov. 14, 2019; the effective date for the 90-day term is Nov. 17.

Interest is equal to six-month Libor for the first interest payment due on April 25, 2015; on each quarterly payment date thereafter, it is equal to Libor plus 250 basis points.

Juniata River’s obligations under the credit facility are secured by a first-priority security interest in substantially all of Juniata River’s assets and are non-recourse to FSIC II.

Borrowings under the facility are subject to a compliance condition such that the outstanding amounts advanced to Juniata River minus the amount of principal and certain interest proceeds in the company’s accounts must be less than or equal to 50% of the net asset value of its portfolio of assets.

Citibank, NA is the collateral agent, and Virtus Group, LP is the collateral administrator.

Juniata River is a newly formed, wholly owned, special purpose financing subsidiary of FSIC II, a Philadelphia-based business development company.

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