Overland Advantage and unit secure five-year $300 million revolver

By Mary-Katherine Stinson

Lexington, Ky., Feb. 28 - Overland Advantage and borrower Overland Financing MS, LLC, a wholly owned, special purpose financing subsidiary of the company, entered into a revolving credit facility on Feb. 22, according to an 8-K filing with the Securities and Exchange Commission.

The agreement provides a revolving loan facility up to a maximum of $300 million.

The revolver’s initial commitment amount will remain undrawn until the earlier of the day following the date that company investors have fully funded the first capital call and April 1.

Advances under the revolver initially bear interest at the forward-looking term SOFR rate plus an applicable margin of 170 basis points from closing to the six-month anniversary, 235 bps during the revolving period after the six-month anniversary to three years after closing and 285 bps after the end of the revolving period. The scheduled maturity date is five years after closing.

Advances may be used to finance the purchase of loan assets that satisfy certain eligibility criteria under the agreement and other permitted investments, to pay fees and expenses in connection with the transactions, to establish reserves for unfunded commitments of delayed draw loan assets and revolving loans owned by the borrower and to distribute proceeds to the company.

Morgan Stanley Senior Funding, Inc. is the administrative agent and Wilmington Trust, NA is the collateral agent, account bank and collateral custodian.

In addition, the borrower has retained the company as servicer to perform certain servicing functions related to the borrower’s assets.

Overland Advantage is a newly launched business development company. Its headquarters are in New York City.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.