PGIM Private Credit Fund (PGIM): debt financing — PGIM Private Credit Fund enters $150M senior secured revolver with SMBC; accordion up to $350M

PGIM Private Credit Fund

Initial commitment $150M, expandable to $350M via accordion subject to conditions.
Five-year maturity from October 30, 2023; interest at SOFR + 2.125%/2.25% or ABR + 1.125%/1.25%.
Facility secured by substantially all portfolio assets, including cash and cash equivalents.
Borrowings subject to borrowing base and leverage restrictions under the Investment Company Act.
Sumitomo Mitsui Banking Corporation serves as administrative agent and lead arranger.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PGIM Private Credit Fund incurred revolving credit of $150 million with Sumitomo Mitsui Banking Corporation at Term SOFR plus a 10 basis point credit spread adjustment and an applicable margi maturing five years after the Closing Date.

Instrument: revolving credit
Principal: $150 million
Counterparty: Sumitomo Mitsui Banking Corporation
Rate: Term SOFR plus a 10 basis point credit spread adjustment and an applicable margi
Maturity: five years after the Closing Date
Event: incurrence

Exact text from the filing

per annum or 1.25% per annum in respect of USD borrowings and comparable rates in respect of non-USD borrowings. The initial principal amount of the Revolving Credit Facility is $150 million. The Revolving Credit Facility has an accordion feature, subject to the satisfaction of various conditions, which could bring total commitments under the Revolving Credit

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PGIM Private Credit Fund entered into a credit facility with Sumitomo Mitsui Banking Corporation valued at $150 million (effective 2023-10-30).

Action: entry
Agreement: credit facility
Counterparty: Sumitomo Mitsui Banking Corporation
Value: $150 million
Effective: 2023-10-30

Exact text from the filing

On October 30, 2023 (the "Closing Date"), PGIM Private Credit Fund (the "Fund"), entered into a senior secured revolving credit facility (the "Revolving Credit Facility") with Sumitomo Mitsui Banking Corporation ("SMBC").

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37 debt financings filed in the last 30 days. Browse all debt financings →

PGIM Private Credit Fund filing history →

Source: SEC EDGAR

accession 0001104659-23-113429

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