FS Credit Real Estate Income Trust lifts commitment to $100 million

By Wendy Van Sickle

Columbus, Ohio, May 9 – FS Credit Real Estate Income Trust, Inc. and FS CREIT Finance Holdings LLC amended their loan and service agreement on Thursday with City National Bank as the administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The sixth amendment increases the committed amount to $100 million from $55 million.

Additionally, a new borrowing condition requires collateral coverage of 1.4x for each dollar borrowed in excess of $50 million, and provisions were added to transition the benchmark rate to SOFR from Libor, resulting in an interest rate of SOFR plus a spread of 225 basis points plus a credit spread adjustment of 10 bps.

The Philadelphia-based company acquires and manages a portfolio of senior loans secured by commercial real estate.

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