---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-122517"
form_type: "8-K"
ticker: "MSDL"
cik: "0001782524"
company_name: "Morgan Stanley Direct Lending Fund"
filed_at: "2025-05-19T23:59:59+00:00"
generated_at: "2026-05-21T01:56:33.004311+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# MSDL issues $350M of 6.000% notes due 2030 to repay secured debt

## Summary
- Issued $350M principal of 6.000% notes due May 19, 2030; net proceeds $342.5M after underwriting discount and expenses.
- Notes are unsecured, rank pari passu with other unsecured debt; redeemable at make-whole until April 19, 2030, then at par.
- Proceeds to repay outstanding secured indebtedness and for general corporate purposes.
- Entered interest rate swaps: receive fixed 6.253%, pay SOFR+2.5415% on $350M to align with floating-rate loan portfolio.
- Covenants include maintaining asset coverage under Investment Company Act and providing financial info if no longer reporting.

## SEC filing metadata
- accession: 0001193125-25-122517
- form_type: 8-K
- ticker: MSDL
- cik: 0001782524
- company_name: Morgan Stanley Direct Lending Fund
- filed_at: 2025-05-19T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1782524/000119312525122517/0001193125-25-122517-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1782524/000119312525122517/d876433d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-122517
- JSON: https://secwatch.observer/filing/0001193125-25-122517.json
- Plain text: https://secwatch.observer/filing/0001193125-25-122517.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.