FS Investment unit gets $200 million revolver at Libor plus 225 bps

By Sarah Lizee

Olympia, Wash., Nov. 26 – FS Investment Corp. IV subsidiary Ambler Funding LLC entered into a loan and security agreement with Ally Bank as administrative agent and arranger on Nov. 22, providing for an up to $200 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

Wells Fargo Bank, NA is the collateral administrator and collateral custodian.

There is a $50 million accordion.

The revolving period will terminate on Nov. 22, 2022.

Advances are subject to a borrowing base.

Any amounts borrowed will mature on Nov. 22, 2024.

Borrowings bear interest at Libor plus 225 basis points, subject to a 0% Libor floor.

After an initial three-month ramp-up period, there will be a non-usage fee ranging from 50 bps to 85 bps on the average daily unborrowed portion of the committed facility amount.

After an initial specified period, Ambler Funding must maintain an adjusted interest coverage ratio of at least 150%, measured as of the end of each fiscal month.

FS Investment is a business development company based in Philadelphia.

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