FS Investment unit Cooper River inks $200 million revolver via Citi

By Toni Weeks

San Luis Obispo, Calif., June 4 – FS Investment Corp. II wholly owned subsidiary Cooper River LLC entered into a five-year revolving credit facility on May 29 with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Under the agreement, which matures May 29, 2020, Cooper River may borrow up to $200 million on a revolving basis for the first three years, followed by a two-year amortization period.

Borrowings will be used to refinance the company’s existing credit facility dated March 27, 2013, acquire additional loans and related assets and satisfy funding needs under its revolving and delayed-draw loan assets.

Borrowings bear interest at Libor plus 225 basis points, subject to a 0% Libor floor. The margin over Libor will increase to 275 bps in the first year of the amortization period and to 375 bps thereafter. Cooper River will pay a commitment fee of 75 bps.

The facility amends and restates the company’s existing credit facility.

Citibank, acting through its Agency & Trust division, is the custodian and collateral agent. Virtus Group, LP is the collateral administrator.

FS Investment is a business development company based in Philadelphia.

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