Blackstone BRCED Summit Peak unit gets $500 million revolver

By Wendy Van Sickle

Columbus, Ohio, March 9 – Blackstone Private Credit fund subsidiary BCRED Summit Peak Funding LLC entered into a $500 million revolving credit facility with a $300 million accordion with Societe Generale as agent on March 3, according to an 8-K filing with the Securities and Exchange Commission.

Advances under the facility to finance the purchase or origination of broadly syndicated loans bear interest at a blended per annum rate adjusted monthly based on the proportion of the broadly syndicated loans in the portfolio to the proportion of middle-market loans in the portfolio, with the rate attributable to broadly syndicated loans equal to the three-month Libor plus the applicable margin of 150 basis points, and the rate attributable to middle-market loans equal to Libor plus the applicable margin of 215 bps per annum. The such blended rate is subject to a floor of Libor plus 200 bps.

Proceeds from the facility may be used to fund portfolio investments by Summit Peak and make advances under revolving loans or delayed-draw term loans for which Summit Peak is a lender. All amounts outstanding under the facility must be repaid by five years after closing, unless the parties have agreed to an extension.

The facility is secured by a first-priority security interest in all of Summit Peak’s portfolio investments and cash.

Wilmington Trust NA is the collateral agent, collateral administrator and custodian on the facility.

The investment and advisory firm based in New York.

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