Five Point pushes out $125 million revolver maturity to 2024

Chicago, April 20 – Five Point Holdings, LLC operating company Five Point Operating Co., LP amended its $125 million revolving credit facility on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The central change is that the maturity date has been extended to April 2024 from April 2022.

Customary provisions were also added to the amendment to prepare for the eventual replacement of Libor as a benchmark interest rate.

Interest is still Libor plus 175 basis points to 200 bps, based on leverage.

On the date of the amendment, no funds were drawn but a $0.3 million letter of credit was issued.

Zions Bancorporation, NA is the administrative agent.

Lenders are Zions, Citibank, NA, Comerica Bank and JPMorgan Chase Bank, NA.

Five Point is an Aliso Viejo, Calif.-based planner and developer of mixed-use, master-planned communities.

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