Andalusian Credit enters $75 million one-year revolver

By Wendy Van Sickle

Columbus, Ohio, Feb. 16 – Andalusian Credit Co., LLC entered into a revolving credit facility on Feb. 12 with CIBC Bank USA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement provides for borrowings in U.S. dollars in an initial total amount of up to $75 million with an option for the company to request, at one or more times, that existing and/or new lenders, at their election, provide up to $175 million.

The facility will mature on Feb. 12, 2025, which may be extended for an additional period of up to one year subject to the consent of the administrative agent and extending lenders.

Borrowings are subject to compliance with a borrowing base test. Amounts drawn in U.S. dollars will bear interest at term SOFR plus 275 basis points.

The company will pay a non-use fee of 35 bps based on the average daily unused amount of the commitments then available thereunder.

The company’s obligations under the credit agreement are secured by its ability to call capital from its investors, the capital commitments and capital contributions of such investors, the bank accounts into which such capital contributions are funded and any other assets.

The U.S. middle market direct lending platform is focused on diversified senior secured leveraged lending to non-sponsored and sponsor-backed companies. The company is based in Short Hills, N.J.

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