Goldman Sachs Private Credit signs $200 million deal with BNP Paribas

By William Gullotti

Buffalo, N.Y., Oct. 3 – Goldman Sachs Private Credit Corp., via wholly owned subsidiary GS Private Credit SPV Public I LLC, entered into a $200 million revolving credit facility with BNP Paribas as administrative agent on Sept. 28, according to an 8-K filing with the Securities and Exchange Commission.

The three-year revolver also features an $800 million accordion, exercisable upon satisfaction of various conditions.

The revolver is secured by a first-priority security interest in substantially all of the borrower’s portfolio investments and cash, subject to liens permitted under the facility. The obligations, however, are non-recourse in regards to the borrower’s parent company. The parent’s exposure is limited to the value of its investment in the borrower, subject to certain indemnification obligations.

Drawdowns will bear interest at one- or three-month term SOFR plus a margin of 180 basis points. After the first two years, the margin on all outstanding sums will step up to 280 bps.

Borrowings may be used to fund portfolio investments by the borrower and to make advances under delayed drawdown collateral assets where the borrower is a lender.

State Street Bank and Trust Co. is the collateral agent for the facility, which has the borrower’s parent company listed as equityholder and investment adviser.

The investment management services company is based in New York.

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