Stepstone Private Credit Fund LLC: debt financing — StepStone Private Credit Fund ups credit facility to $250M, sells $18.35M in shares

Stepstone Private Credit Fund LLC

Increased secured revolving credit facility from $200M to $250M via amendment with MassMutual.
Sold 699,562 unregistered shares for $18.35M in private offering under Section 4(a)(2)/Regulation D.
NAV per share as of Aug 31, 2023: $26.23; aggregate NAV $235.9M; portfolio fair value $417M; debt outstanding $192.4M.
Continuous private offering up to $10B; issued 9,694,035 shares for $249.1M to date.

item 1.01 item 2.03 item 3.02 item 8.01 item 9.01

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

Stepstone Private Credit Fund LLC amended revolving credit of $250.0 million from $200.0 million with Massachusetts Mutual Life Insurance Company.

Instrument: revolving credit
Principal: $250.0 million from $200.0 million
Counterparty: Massachusetts Mutual Life Insurance Company
Event: amendment

Exact text from the filing

The MassMutual SPV I Facility Amendment, among other things, increases the aggregate commitments from lenders under the MassMutual SPV I Facility to $250.0 million from $200.0 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Stepstone Private Credit Fund LLC amended MassMutual SPV I Facility Amendment with Massachusetts Mutual Life Insurance Company valued at $250.0 million (effective 2023-09-26).

Action: amendment
Agreement: credit facility
Counterparty: Massachusetts Mutual Life Insurance Company
Value: $250.0 million
Effective: 2023-09-26

Exact text from the filing

On September 26, 2023, Stepstone Private Credit Fund LLC (the “Company”), through its wholly-owned subsidiary, SPV Facility I LLC (“SPV Facility I”), as borrower, amended its Loan and Servicing Agreement (as amended, the “MassMutual Loan and Servicing Agreement”), which provides SPV Facility I with a secured revolving credit facility (as amended, the “MassMutual SPV I Facility”), by executing the First Amendment to Loan and Servicing Agreement, dated as of September 26, 2023 (the “MassMutual SPV I Facility Amendment”), by and among SPV Facility I, the Company, the lenders party thereto and Massachusetts Mutual Life Insurance Company, as the administrative agent.

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Source: SEC EDGAR

accession 0001213900-23-080884

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