T Series Middle Market unit enters $500 million five-year revolver

By Marisa Wong

Los Angeles, March 1 – T Series Financing III SPV LLC, a wholly owned subsidiary of T Series Middle Market Loan Fund LLC, entered into a $500 million loan and security agreement on Feb. 23 with U.S. Bank Trust Co., NA as collateral agent and collateral administrator, U.S. Bank NA as securities intermediary and JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The $500 million senior secured revolver has a three-year reinvestment period and a stated maturity date of Feb. 23, 2028.

At any time during the availability period, the borrower may propose one or more increases in the maximum commitment.

Advances will be denominated in U.S. dollars, pounds sterling, euros or Canadian dollars, with an interest rate based on term SOFR, Sonia, Euribor or CDOR, as applicable, plus a margin of 305 basis points (with an additional margin of 11.93 bps for sterling-denominated advances).

The company is based in New York.

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