BGSL-backed vehicle enters a revolving credit facility

BGSL Breckenridge Funding began the $400m facility with BNP Paribas in December.

The Blackstone/GSO Secured Lending Fund has entered another of its vehicles into a revolving credit facility.

BGSL Breckenridge Funding, a wholly-owned subsidiary of the private business development company, began a senior-secured revolving credit facility with BNP Paribas right before the holidays, according to documents filed with the Securities and Exchange Commission.

Blackstone declined to comment.

The $400 million agreement, which began on 21 December, is meant for the vehicle to use for portfolio investments and to advance on delayed draw and revolving loans where the vehicle is a lender. Any outstanding amounts should be paid back within five years, the documents said.

The vehicle will pay a 0.70 percent annual fee if it uses less than 50 percent of the facility. The vehicle will pay a 0.35 percent annual fee if the vehicle is utilising 50-75 percent of the facility.

The interest on the vehicle after the first payment date will be 1.5-2.25 percent in addition to LIBOR depending on advancements; it will be 1.25 percent prior to the first payment date.

BNP Paribas serves as the administrative agent, Wells Fargo serves as the collateral agent, and Blackstone/GSO is the servicer in this arrangement.

BGSL Jackson Hole Funding, another of the BDC’s SPVs, entered a revolving credit facility with JPMorgan on 16 November worth $300 million, with the potential to expand to $600 million, due to the accordion feature of the agreement.

BGSL is a BDC backed by Blackstone’s GSO credit branch and opted to be recognised as a BDC in late October. GSO has $131 billion in assets under management.