Stone Point unit obtains $250 million five-year revolver

By Rebecca Melvin

Concord, N.H., June 30 – SPCC Funding I LLC, a wholly owned subsidiary of Stone Point Credit Corp., obtained a senior secured revolving credit facility with an initial committed amount of $250 million on Monday, according to an 8-K filing with the Securities and Exchange Commission.

The facility can be increased by another $250 million via an accordion feature.

JPMorgan Chase Bank NA is the administrative agent and U.S. Bank NA is the collateral agent, securities intermediary and collateral administrator. Stone Point Credit Adviser LLC is portfolio manager.

The facility, which matures June 28, 2026, bears interest at Libor plus 245 basis points. Borrowings in Canadian dollars will bear interest at the same margin over the Canadian bankers’ acceptances; those in Australian dollars by the same margin over the Australian Financial Markets Association; and in euros by the same margin over Euribor. Borrowings in pounds sterling will bear interest at 256.93 bps over Sonia.

There is also a commitment fee of 25 bps until Sept. 18, 2021, and then 50 bps until the first anniversary, then 60 bps until the third anniversary of the facility.

SPCC’s obligations are secured by a first priority security interest in all of its portfolio of investments and cash. The facility is non-recourse for Stone Point Credit, with exposure to the company limited to the value of the company’s investment in SPCC.

Stone Point is a financial services firm based in Greenwich, Conn.

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