FS Investment II gets $95 million five-year multi-currency revolver

By Angela McDaniels

Tacoma, Wash., Feb. 26 – FS Investment Corp. II entered into a $95 million five-year multi-currency revolving credit facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has an $80 million accordion feature and a $25 million sublimit for letters of credit.

Borrowings are subject to compliance with a borrowing base.

The interest rate is Libor plus 175 basis points.

There is a non-usage fee of 37.5 bps.

The revolver is guaranteed by all of the company’s subsidiaries other than its special-purpose financing subsidiaries, tax-blocker subsidiaries and foreign subsidiaries, and the company’s obligations are secured by a first-priority security interest in substantially all of the assets of the company and the subsidiary guarantors.

The company must comply with the following financial covenants: at the end of each quarter, its minimum stockholders’ equity must be greater than or equal to $1.35 billion plus 25% of the net proceeds of any post-closing equity offerings, and the company must maintain at all times a 200% asset coverage ratio.

ING Capital LLC as the administrative agent.

FS Investment is a business development company based in Philadelphia.

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