FS Investment unit Dunning Creek amends, cuts revolver to $150 million

By Tali Rackner

Norfolk, Va., May 18 – FS Investment Corp. II wholly owned financing subsidiary Dunning Creek LLC amended its revolving credit agreement to reduce maximum commitments to $150 million from $250 million and extend the maturity to May 14, 2017, according to an 8-K filing with the Securities and Exchange Commission.

Deutsche Bank, AG, New York branch is the administrative agent.

The amendment also increases the applicable spread over Libor to 170 basis points and provides for a commitment fee of 75 bps on the unborrowed portion of the credit facility.

In addition, the amendment provides for an excess unused fee of 95 bps per annum payable on any unborrowed portion of the credit facility in excess of $75 million.

Furthermore, there is now a commitment reduction fee in an amount equal to the commitment fee and, as applicable, an excess unused fee that would have accrued through scheduled maturity on any amount by which the commitments are reduced.

FS Investment is a business development company based in Philadelphia.

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