MSDL subsidiary closes $401.2M CLO with notes due 2037; sub tranches retained

Morgan Stanley Direct Lending Fund

Completed $401.2M term debt securitization via North Haven Private Credit CLO 1 LLC on Sept 17, 2025.
Issued $232M Class A-1 debt (SOFR+1.54%), $16M A-2 notes (SOFR+1.70%), $24M Class B notes (SOFR+1.90%).
Also issued $32M Class C (SOFR+2.40%), $24M Class D (SOFR+3.55%) and $73.2M Subordinated Notes (no interest).
Proceeds support a portfolio of senior secured and second lien loans; MSDL retains all Subordinated Notes.
Secured Notes due Oct 2037; revolving reinvestment period through Oct 2029.

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