West Bay BDC Opens $300 Million Citibank Credit Line, Expandable to $600 Million
The multi-currency revolver sits in a special purpose subsidiary, so lenders can look only to the pledged loan portfolio for repayment.
October 30, 2026
West Bay BDC LLC, a privately offered business development company advised by Goldman Sachs Asset Management, has closed a revolving credit facility of up to $300 million with Citibank, N.A. as administrative agent. Commitments can be raised to $600 million if certain conditions are met, including consent from the requisite lenders. The facility adds borrowing capacity to the capital West Bay has been calling from its investors.
The borrower is West Bay SPV I LLC, a wholly owned subsidiary that entered the agreement on October 23, 2026. West Bay serves as equityholder and collateral manager, and State Street Bank and Trust Company acts as custodian, collateral agent and collateral administrator.
Pricing and Currencies
Advances can be drawn in four currencies, each priced off its own benchmark plus a margin of 1.90% a year during the reinvestment period and 2.40% afterward:
- U.S. dollars (three-month Term SOFR)
- Canadian dollars (daily compounded CORRA)
- Euros (EURIBOR)
- Pounds sterling (SONIA)
The subsidiary also pays commitment fees and other fees set out in separate fee letters.
Availability depends on a borrowing base calculated from the value of eligible portfolio loans, applicable advance rates, concentration limits and specified reserves. Proceeds can be used to buy eligible loans and investments, fund draws on delayed-draw and revolving loans already in the portfolio, fund required reserves, make certain permitted distributions and pay facility costs.
Term and Repayment
The reinvestment period runs three years from closing, and during that window the subsidiary can borrow, repay and reborrow. Lender commitments end with the reinvestment period, and all outstanding advances must be repaid by the second anniversary of that termination date.
The facility carries mandatory amortization and prepayments, including when the borrowing base falls short. Voluntary prepayments carry no premium or penalty, though certain optional reductions of the facility in the first year may trigger a reduction fee.
Collateral and Covenants
Lenders hold a first-priority security interest in substantially all of the subsidiary's assets, including its portfolio loans, collections and collateral accounts. The obligations are limited recourse, payable only from that collateral, and are not obligations of West Bay itself, though the BDC takes on certain duties as equityholder and collateral manager.
West Bay must keep its BDC status and maintain quarterly unencumbered liquidity of at least the lesser of 10% of the facility amount or $30 million. Events of default include payment defaults, covenant breaches, borrowing base deficiencies, insolvency events, a change of control, loss of BDC status and failure to meet the liquidity minimum. Acceleration is automatic after certain insolvency events.
