Five Point extends $125 million revolver to 2022, adds accordion

By Sarah Lizee

Olympia, Wash., May 16 – Five Point Holdings, LLC operating company Five Point Operating Co., LP amended on May 10 its $125 million senior unsecured revolving credit facility to extend the maturity to April 2022 from April 2020, according to an 8-K filing with the Securities and Exchange Commission.

The revolver may be extended by an additional year.

The amendment also provides for an accordion feature that would bring the total amount to $175 million, subject to some conditions.

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

As of May 10, the revolver was undrawn, but letters of credit of $1 million were issued and outstanding, which reduces the available capacity to $124 million.

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

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