Phillip Street closes $250 million five-year credit facility

By Marisa Wong

Los Angeles, Feb. 15 – Phillip Street Middle Market Lending Investments LLC, an indirectly wholly owned subsidiary of Phillip Street Middle Market Lending Fund LLC, entered into a secured credit facility on Feb. 10 with Ally Bank as administrative agent and collateral agent, State Street Bank and Trust Co. as collateral custodian and securities intermediary, Alter Domus (US) LLC as document agent and Phillip Street Middle Market Lending Fund as collateral manager, according to an 8-K filing with the Securities and Exchange Commission.

At closing, commitments totaled $250 million.

The credit facility has an accordion feature that could bring total commitments to $750 million.

All amounts outstanding must be repaid by the fifth anniversary of the credit facility.

Advances bear interest at daily simple SOFR or term SOFR (with a tenor of either one month or three months) plus an applicable spread of 275 basis points.

The company will also pay a non-usage fee on the average daily unused amount of the financing commitments. The fee is 50 bps for the first three months; after that the fee is between 50 bps and 100 bps, depending on the unused amount of the financing commitments.

Borrowings may be used to acquire portfolio loans, fund unfunded commitments with respect to loans, make distributions to the New York-based parent company or pay related expenses.

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