Commonwealth Credit gets $75 million revolver via Goldman Sachs

By Marisa Wong

Los Angeles, Aug. 13 – Commonwealth Credit Partners BDC, Inc. entered into a credit agreement on Aug. 11 with Goldman Sachs Bank USA as lender for a facility B credit facility included as part of the umbrella credit facility first entered into on June 14, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility is structured as a revolver secured by the capital commitments of the company’s subscribed investors and some related assets.

The company is permitted to borrow up to the lesser of $75 million and the borrowing base, which is based on the unfunded capital commitments of some subscribed investors in the company that have been approved by Goldman Sachs and meet certain criteria. The advance rate for those investors is currently 90% but may be subject to modification.

The credit facility is uncommitted and matures on the earlier of (i) the date on which either the company or lender provide written notice of termination to the other party and (ii) the date that is 30 days prior to the last date on which the company may issue capital drawdowns to its investors.

The credit facility bears interest at Libor plus 270 basis points.

The business development company is based in West Palm Beach, Fla.

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