MSD Investment Corp. prices $350M of 6.875% notes due 2029, swapped to SOFR+2.138%

MSD Investment Corp.

Issued $350M aggregate principal of 6.875% notes maturing October 15, 2029; interest payable semiannually starting April 15, 2027.
Net proceeds to repay borrowings under existing debt facilities and for general corporate purposes, including portfolio company investments.
Concurrent $350M notional interest rate swap maturing October 15, 2029: company receives 6.875% fixed, pays 3-month compounded SOFR plus 2.138%.
Notes are unsecured; on a change of control plus below-investment-grade rating by Fitch and Moody's, company must offer 100% of principal plus accrued interest.
Registration Rights Agreement with Citizens JMP, Goldman Sachs, HSBC, J.P. Morgan, RBC and SMBC Nikko requires an exchange offer within 365 days.

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