Lafayette Square Announces ING's Expanded Commitment to Revolving Credit Facility

Launched in June 2024, the sustainability-linked revolving credit facility was designed to support working-class communities.

MIAMI and NEW YORK, Oct. 1, 2024 /PRNewswire/ -- Lafayette Square USA, Inc. ("Lafayette Square"), a business development company, announced today that ING Capital LLC ("ING") has increased commitments to the hybrid credit facility that closed earlier this year. EverBank, N.A. ("EverBank") and First Citizens Bank ("First Citizens") will provide additional commitments which will increase the existing facility from $75 million to $150 million. Lafayette Square's revolving credit is expected to continue to grow through an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing up to $250 million. The annual interest rate applicable to borrowings under the facility is based on a range of alternative rates, including term SOFR plus a margin of 2.70%.

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