SL Investment expands facility to $500 million, amends pricing

By Marisa Wong

Los Angeles, Aug. 26 – SL Investment Corp. wholly owned subsidiary SLIC Financing SPV LLC entered into an amendment on Aug. 18 to its amended and restated loan agreement dated June 3 with JPMorgan Chase Bank, NA as administrative agent to increase the borrowing capacity to $500 million from $350 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also provides for an ability to increase the maximum capacity under the facility to $950 million from $500 million and increases the letter-of-credit commitment to $50 million from $35 million.

In addition, the amendment increases the interest rate margin prior to the transition date, as defined in the facility, to 222.5 basis points from 215 bps for advances with interest not based on Sonia; reduces the interest rate margin after the transition date to 237.5 bps from 245 bps for advances with interest not based on Sonia; increases the interest rate margin prior to the transition date to 234.43 bps from 226.93 bps for advances with interest based on Sonia; and reduces the interest rate margin after the transition date to 249.43 bps from 256.93 bps for advances with interest based on Sonia.

Other material terms of the facility remain unchanged, the filing noted.

The investment company is based in New York.

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