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Oaktree Strategic Income enters $100 million restated loan agreement
By Marisa Wong
Morgantown, W.Va., Feb. 1 – Oaktree Strategic Income Corp. entered into a $100 million amended and restated loan and security agreement on Jan. 31 with Citibank, NA as administrative agent and Wells Fargo Bank, NA as collateral agent, according to an 8-K filing with the Securities and Exchange Commission.
Wholly owned special purpose financing subsidiary OCSI Senior Funding II LLC, formerly FS Senior Funding II LLC, is the borrower.
The reinvestment period under the restated facility ends Jan. 30, 2021, and the final maturity date is Jan. 31, 2023.
Borrowings accrue interest at Libor plus 170 basis points on broadly syndicated loans and at Libor plus 225 bps on all other eligible loans during the reinvestment period. After the reinvestment period, borrowings accrue interest at Libor plus 350 bps and Libor plus 400 bps during the subsequent two years, respectively.
In addition, during the reinvestment period there is a non-usage fee payable of 0.50% per annum on the undrawn amount. The non-usage fee will be increased if, after the ramp-up period, the advances outstanding on the facility do not exceed 70% of the aggregate commitments.
The specialty finance company is based in Los Angeles.
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