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Carlyle Group amends, restates and upsizes $1 billion revolver
By William Gullotti
Buffalo, N.Y., May 2 – Carlyle Group Inc. amended, extended and increased its existing credit agreement with Citibank, NA as administrative agent on April 29, according to an 8-K filing with the Securities and Exchange Commission.
The amendments increased the size of the facility to $1 billion from $775 million and extended the maturity to April 29, 2027 from Feb. 11, 2024.
The amended revolver also includes an accordion option and/or the option to incur term loans in an aggregate amount not to exceed $250 million.
The terms of the unsecured facility require the company to maintain management fee earning assets of at least $126.6 billion and a total leverage ratio of less than 4.0 to 1.0, in each case, tested on a quarterly basis.
Interest will be SOFR plus 10 basis points CSA plus a margin not to exceed 150 bps.
Carlyle is also required to pay a quarterly commitment fee, capped at 20 bps, on the unused portion of the revolver as well as certain customary fees for letters of credit.
Interest and fee rates are subject to future adjustment based on achievement of certain sustainability milestones.
Citibank, in addition to serving as administrative agent, is acting as a joint lead arranger and bookrunner with J.P. Morgan Chase Bank, NA, Credit Suisse Loan Funding LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC.
BofA Securities, Inc. is also serving as sustainability coordinator.
J.P. Morgan Chase Bank, NA, Credit Suisse Loan Funding LLC, Bank of America, NA and Wells Fargo Bank, NA are the syndication agents.
With the exceptions of BofA Securities and Wells Fargo Securities, the above are listed as lenders along with Barclays Bank plc, Deutsche Bank AG, Goldman Sachs Bank USA, HSBC Bank USA, NA, Morgan Stanley Bank, NA, Societe Generale and UBS AG.
Carlyle is a diversified global investment firm based in Washington, D.C.
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