Antares Strategic enters up to $450 million loan facility

By Wendy Van Sickle

Columbus, Ohio, Jan. 24 – Antares Strategic Credit SPV LLC, a wholly owned subsidiary of Antares Strategic Credit Fund, as borrower, and the fund, as equityholder and servicer, entered into a loan facility on Jan. 19 for revolving and term loans, according to an 8-K filing with the Securities and Exchange Commission.

The initial maximum principal amount is $450 million, and an accordion provision permits increases up to a maximum of $1 billion.

Loans initially bear interest at term SOFR plus an additional margin of 190 basis points for loans used to finance acquisitions of broadly syndicated loans, subject to a maximum of 20%, and a margin of 240 bps for loans used to finance acquisitions of middle-market loans, subject to a step-up of 200 bps following an event of default.

Revolving loans may be repaid and reborrowed until the end of the revolving period, which can occur no later than Jan. 19, 2027, and all amounts outstanding under the facility must be repaid by Jan. 19, 2029.

Societe Generale is agent, U.S. Bank Trust Co., NA is collateral agent and collateral administrator, and U.S. Bank NA is document custodian.

Proceeds may be used for general corporate purposes, to fund collateral obligations acquired, to pay fees and expenses and to make distributions to the fund, subject to certain conditions.

Antares is a Chicago-based lender to middle market private equity sponsors.

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