FS Investment unit Dunning extends credit agreement, lifts pricing

By Sarah Lizee

Olympia, Wash., May 17 – Dunning Creek LLC, a wholly owned financing subsidiary of FS Investment Corp. II, amended its credit agreement on Monday to extend the maturity date to Sept. 27, 2018 and increase the interest rate to Libor plus 185 basis points, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also provides for a scheduled mandatory repayment of at least $75 million of the borrowings outstanding under the facility on or before June 28.

Also, the amendment removed the availability of revolving credit so that Dunning Creek will no longer be permitted to reborrow loans once repaid.

Some fees were also removed, the filing noted.

Deutsche Bank AG, New York Branch is the administrative agent and lender.

FS Investment is a business development company based in Philadelphia.

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