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Goldman Sachs Provides $250MM Revolver to Corporate Capital Trust, Conway Capital JV

October 06, 2017, 07:03 AM
Filed Under: Lender Finance

Jersey City Funding LLC, a wholly-owned subsidiary of Strategic Credit Opportunities Partners, LLC (SCJV), entered into a credit agreement with Goldman Sachs Bank USA. SCJV, a joint venture between Corporate Capital Trust and Conway Capital, LLC, an affiliate of Guggenheim Life and Annuity Company and Delaware Life Insurance Company, was initially formed in May 2016.

The credit agreement provides for a $250 million revolving credit facility with Jersey City, and is secured by substantially all of the assets of Jersey City. The credit facility provides loans in U.S. dollars, Australian dollars, euros, and pounds sterling. U.S. dollars loans will bear interest at the rate equal to LIBOR plus 2.25 percent. The scheduled maturity date for the credit facility is Sept. 29, 2021 (which may be extended by one year upon mutual consent). The facility will be collateralized with a flexible asset pool which can include originated assets and various security types. Total outstanding loans under this credit facility were approximately $165 million upon closing (dollar equivalent). In conjunction, $373 million of assets were acquired by Jersey City from Corporate Capital Trust. Including these acquisitions, total assets in SCJV now exceed $600 million.

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