West Bay BDC LLC announced on October 23, 2026, the entry into a credit and security agreement with Citibank, N.A., acting as administrative agent. The agreement, known as the Citibank Credit Facility, was executed by West Bay SPV I LLC, a wholly owned subsidiary of West Bay BDC, along with Citibank and State Street Bank and Trust Company, which serves as custodian and collateral administrator.
The facility provides for a revolving credit line with an aggregate principal amount of up to $300 million. Borrowings are subject to a borrowing base determined by eligible portfolio loan values and other adjustments. The facility may be increased to $600 million, subject to lender consents. Advances may be denominated in U.S. dollars, Canadian dollars, euros, or pounds sterling.
Interest rates are set at a benchmark rate plus a margin of 1.90% per annum during the reinvestment period and 2.40% per annum thereafter. The reinvestment period is scheduled to expire three years after the closing date, with full repayment required by the second anniversary of the commitment termination date. The facility includes mandatory amortization and prepayments, though SPV I may voluntarily prepay without penalty.
Proceeds from the facility are intended to acquire eligible portfolio loans, fund additional advances, and cover required reserves and fees. The obligations of SPV I are secured by a first-priority security interest in its assets and are limited-recourse, payable solely from collateral. The Company is subject to covenants including quarterly unencumbered liquidity requirements of at least $30 million or 10% of the facility amount.
