Hamilton Street Funding, a subsidiary of FS Investment, closed a $150 million revolving credit facility with HSBC as administrative agent.

According to a related 8-K filing, the Hamilton Street credit facility provides for a five-year credit facility with a four-year revolving period, during which Hamilton Street is permitted to borrow, repay and reborrow advances up to $150 million. The facility has an accordion option that would permit the parties to increase the commitments by an additional $50 million to $200 million.

After the revolving period, outstanding advances must be repaid by 5% each month until the maturity date at which time all remaining outstanding advances must be repaid. Hamilton Street will use the proceeds of the advances to distribute cash to the company, and the company will use such cash, in whole or in part, to retire other outstanding indebtedness of the company and its wholly owned subsidiaries.

HSBC served as administrative agent for the transaction, and U.S. Bank was collateral agent, account bank and custodian.