Stepstone Private Credit Fund LLC: debt financing — StepStone Private Credit Fund subsidiary enters $81.25M BMO credit facility, SOFR+2.50%, 2030 maturity

On May 1, 2023, Stepstone Private Credit Fund LLC (the “Company”), through a special purpose wholly-owned subsidiary, StepStone Great Lakes SPV Facility II LLC (“SPV Facility II”), as borrower, entered into a Loan and Security Agreement (the “BMO Loan and Security Agreement”) with Bank of Montreal, a Canadian chartered bank acting through its Chicago Branch (“BMO”), as the administrative agent, as collateral agent, and as a lender, and the other lenders party thereto from time to time, to provide SPV Facility II with a revolving credit facility (the “BMO SPV II Credit Facility”). BMO has made an initial commitment of $81.250 million under the BMO SPV II Credit Facility, with an accordion provision to permit increases to the total facility amount up to $100 million, subject to the satisfaction of certain conditions.

On May 1, 2023, Stepstone Private Credit Fund LLC (the “Company”), through a special purpose wholly-owned subsidiary, StepStone Great Lakes SPV Facility II LLC (“SPV Facility II”), as borrower, entered into a Loan and Security Agreement (the “BMO Loan and Security Agreement”) with Bank of Montreal, a Canadian chartered bank acting through its Chicago Branch (“BMO”), as the administrative agent, as collateral agent, and as a lender, and the other lenders party thereto from time to time, to provide SPV Facility II with a revolving credit facility (the “BMO SPV II Credit Facility”).

(ii) the Sourcing and Servicing Agreement, dated as of May 1, 2023 (the “BMO Sourcing & Servicing Agreement”). Under the BMO Sourcing & Servicing Agreement, (i) BMO, as seller and as servicer, agrees, from time to time, to present to SPV Facility II certain loans, and may, from time to time, sell to SPV Facility II certain loans or participation interests in such loans (“S&SA Investments”) pursuant to the BMO Participation Agreement and SPV Facility II may, from time to time, purchase such S&SA Investments and (ii) SPV Facility II will engage BMO to perform various reporting and administrative duties as set forth in the BMO Sourcing & Servicing Agreement.

In connection with the entry into the BMO SPV II Credit Facility, SPV Facility II and BMO also entered into (i) the Master Participation Agreement, dated as of May 1, 2023 (the “BMO Participation Agreement”)