Morgan Stanley Direct Lending Fund (MSDL): debt financing — MSDL issues $350M of 6.150% notes due 2029; net proceeds ~$342.4M

Morgan Stanley Direct Lending Fund

$350M principal of 6.150% notes due May 17, 2029; unsecured senior obligations.
Net proceeds ~$342.4M after discounts/expenses; used for debt repayment, portfolio investments, general corporate.
Entered interest rate swaps: receive fixed 6.150%, pay SOFR+2.37% on $350M to align with floating-rate loan portfolio.
Registration rights agreement obligates exchange offer or shelf registration; failure triggers additional interest.
Notes offered to QIBs and non-U.S. persons under Rule 144A/Reg S; not registered under Securities Act.

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

Morgan Stanley Direct Lending Fund incurred senior notes of $350,000,000 with U.S. Bank Trust Company, National Association at 6.150% maturing May 17, 2029.

Instrument: senior notes
Principal: $350,000,000
Counterparty: U.S. Bank Trust Company, National Association
Rate: 6.150%
Maturity: May 17, 2029
Event: incurrence

Exact text from the filing

On May 17, 2024, Morgan Stanley Direct Lending Fund (the "Company") and U.S. Bank Trust Company, National Association (the "Trustee") entered into a Second Supplemental Indenture (the "Second Supplemental Indenture" and, together with the Base Indenture (as defined herein), the "Indenture") related to the Company's issuance of $350,000,000 in aggregate principal amount of its 6.150% notes due 2029 (the "Notes")

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Morgan Stanley Direct Lending Fund entered into Second Supplemental Indenture with U.S. Bank Trust Company, National Association valued at $350,000,000 (effective 2024-05-17).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $350,000,000
Effective: 2024-05-17

Exact text from the filing

on May 17, 2024, Morgan Stanley Direct Lending Fund (the “Company”) and U.S. Bank Trust Company, National Association (the “Trustee”) entered into a Second Supplemental Indenture (the “Second Supplemental Indenture" and, together with the Base Indenture (as defined herein), the “Indenture”) related to the Company’s issuance of $350,000,000 in aggregate principal amount of its 6.150% notes due 2029 (the “Notes")

View on SEC.gov

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

Morgan Stanley Direct Lending Fund entered into Registration Rights Agreement with Truist Securities, Inc., BNP Paribas Securities Corp., ING Financial Markets LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc., as the representatives of the Initial Purchasers of the Notes (effective 2024-05-17).

Action: entry
Counterparty: Truist Securities, Inc., BNP Paribas Securities Corp., ING Financial Markets LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc., as the representatives of the Initial Purchasers of the Notes
Effective: 2024-05-17

Exact text from the filing

In connection with the Notes Offering, the Company entered into a Registration Rights Agreement, dated as of May 17, 2024 (the “Registration Rights Agreement”), with Truist Securities, Inc., BNP Paribas Securities Corp., ING Financial Markets LLC, J.P. Morgan Securities LLC and SMBC Nikko Securities America, Inc., as the representatives of the Initial Purchasers of the Notes.

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Morgan Stanley Direct Lending Fund filing history →

Source: SEC EDGAR

accession 0001104659-24-063093

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