Diameter Credit Co: debt financing — Diameter Credit closes $399.9M CLO with AAA/AA rated notes; retains all subordinated notes

Diameter Credit Co

Issued $232M Class A-1 (SOFR+1.49%), $16M Class A-2 (SOFR+1.70%), and $24M Class B (SOFR+1.85%) secured notes due 2038.
Issued $127.9M subordinated notes due 2126; Diameter retained 100% of sub notes as retention holder.
Proceeds used to purchase first-lien commercial loans from Diameter under master loan sale agreement.
Collateral management fee set at 0.0% per annum for Diameter as collateral manager.
Secured notes rated AAA(sf)/AA(sf) by S&P; securities 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

Diameter Credit Co incurred senior notes of $232,000,000 with Morgan Stanley & Co. LLC at SOFR plus 1.49% maturing January 15, 2038.

Instrument: senior notes
Principal: $232,000,000
Counterparty: Morgan Stanley & Co. LLC
Rate: SOFR plus 1.49%
Maturity: January 15, 2038
Event: incurrence

Exact text from the filing

$232,000,000 of AAA(sf) Class A-1 Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month secured overnight financing rate published by the Federal Reserve Bank of New York (“SOFR”) plus 1.49%

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

Diameter Credit Co incurred senior notes of $24,000,000 with Morgan Stanley & Co. LLC at SOFR plus 1.85% maturing January 15, 2038.

Instrument: senior notes
Principal: $24,000,000
Counterparty: Morgan Stanley & Co. LLC
Rate: SOFR plus 1.85%
Maturity: January 15, 2038
Event: incurrence

Exact text from the filing

$24,000,000 of AA(sf) Class B Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.85%

View on SEC.gov

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

Diameter Credit Co incurred senior notes of $16,000,000 with Morgan Stanley & Co. LLC at SOFR plus 1.70% maturing January 15, 2038.

Instrument: senior notes
Principal: $16,000,000
Counterparty: Morgan Stanley & Co. LLC
Rate: SOFR plus 1.70%
Maturity: January 15, 2038
Event: incurrence

Exact text from the filing

$16,000,000 of AAA(sf) Class A-2 Senior Secured Floating Rate Notes due 2038, which bear interest at the three-month SOFR plus 1.70%

View on SEC.gov

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

Diameter Credit Co incurred senior notes of $127,900,000 maturing January 15, 2126.

Instrument: senior notes
Principal: $127,900,000
Maturity: January 15, 2126
Event: incurrence

Exact text from the filing

$127,900,000 of Subordinated Notes due 2126 (the “Subordinated Notes”), which do not bear interest

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

Diameter Credit Co entered into CLO Purchase Agreement with Morgan Stanley & Co. LLC, as the initial purchaser (effective 2026-03-24).

Action: entry
Agreement: underwriting
Counterparty: Morgan Stanley & Co. LLC, as the initial purchaser
Effective: 2026-03-24

Exact text from the filing

On the Closing Date and in connection with the 2026 Debt Securitization, Diameter Capital PC CLO 1 LLC (the “CLO Issuer”), an indirect, wholly-owned, consolidated subsidiary of the Company, entered into a purchase agreement (the “CLO Purchase Agreement”) with Morgan Stanley & Co. LLC, as the initial purchaser (the “Initial Purchaser”), pursuant to which the Initial Purchaser agreed to place certain of the notes issued by the CLO Issuer as part of the 2026 Debt Securitization pursuant to an indenture by and between the CLO Issuer and Western Alliance Trust Company, N.A., as trustee (the “CLO Indenture”).

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

Diameter Credit Co entered into CLO Indenture with Western Alliance Trust Company, N.A., as trustee (effective 2026-03-24).

Action: entry
Agreement: notes offering
Counterparty: Western Alliance Trust Company, N.A., as trustee
Effective: 2026-03-24

Exact text from the filing

The Secured Notes are the secured obligation of the CLO Issuer, the Subordinated Notes are the unsecured obligations of the CLO Issuer, and the CLO Indenture governing the Notes include customary covenants and events of default.

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Source: SEC EDGAR

accession 0001193125-26-129150

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