Stone Point unit obtains $300 million five-year secured facility

By William Gullotti

Buffalo, N.Y., Aug. 17 – SPCC Funding II LLC, a newly formed and wholly owned subsidiary of Stone Point Credit Corp., entered into a $300 million secured credit agreement with Goldman Sachs Bank USA as administrative agent on Aug. 14, according to an 8-K filing with the Securities and Exchange Commission.

The secured facility is comprised of a $250 million asset-based revolver and a $50 million ABL, with each facility comprised of its own borrowing base and related assets.

The facility’s availability period terminates Aug. 14, 2026 and ultimately will mature Aug. 14, 2028.

Borrowings may be in dollars, pounds sterling or euros and will accrue currency-appropriate interest at SOFR, Sonia or Euribor plus a 310 basis point margin.

Interest on borrowings denominated in pounds or euros will also incur a benchmark adjustment, as determined in the context of a currency swap to yield a zero net present value cash flow, that will be calculated by the administrative agent at the time of borrowing.

SPCC’s obligations are secured by a security interest in all the company’s assets. The facility is non-recourse for Stone Point Credit, with exposure to the company limited to the value of the company’s investment in SPCC.

Facility proceeds will be used, among other things, to finance the origination and acquisition of eligible assets by SPCC, including the purchase of such assets from Stone Point, including assets not yet approved by the administrative agent.

In addition to acting as administrative agent, Goldman Sachs is also the syndication agent.

U.S. Bank Trust Co., NA is the collateral agent and collateral administrator, with U.S. Bank NA acting as collateral custodian.

Stone Point is a financial services firm based in Greenwich, Conn.

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