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FS Energy and Power Fund unit increases credit facility amount

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FS Energy and Power Fund unit increases credit facility amount

FS Energy and Power Fund unit Gladwyne Funding LLC on Dec. 2 increased the maximum amount under its credit facility to $475 million from $425 million.

Gladwyne Funding has the option to request an increase to the maximum amount under its credit facility up to $650 million, subject to certain conditions that include obtaining the consent of the new and/or increasing lender.

The credit facility amendment also lowered the interest rate to the three-month London interbank offered rate plus 320 basis points from the three-month LIBOR plus 372 basis points. The maturity date was also extended to Dec. 2, 2022, from Dec. 2, 2019.