Morgan Stanley Direct Lending Fund reduces credit facility to $160M, raises $95M equity, declares $0.50 dividend

Morgan Stanley Direct Lending Fund

Reduced revolving credit commitment from $235M to $160M; expects to fully repay and terminate facility by Dec 31, 2022.
Sold ~4.8M shares of common stock at ~$95M aggregate price via capital drawdown closed Dec 23, 2022.
Declared $0.50 per share dividend (~9.8% annualized yield), payable Jan 25, 2023 to holders of record Dec 20, 2022.

Key facts

Extracted from this filing and checked against the source text.

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

Morgan Stanley Direct Lending Fund amended Credit Facility with CIBC, as administrative agent valued at $160 million (effective 2022-12-23).

Action: amendment
Agreement: credit facility
Counterparty: CIBC, as administrative agent
Value: $160 million
Effective: 2022-12-23

Exact text from the filing

Morgan Stanley Direct Lending Fund (the "Company"), as borrower, provided written notice (the “Commitment Reduction Notice”) of its intent to reduce the amount of the revolving commitment to $160 million from $235 million in accordance with and as permitted under that certain revolving credit agreement by and among the Company, the financial institutions that from time to time become parties thereto and CIBC, as administrative agent (as amended, the “Credit Facility”). The other terms of the Credit Facility were not changed. Such reduction in the revolving commitment under the Credit Facility pursuant to the Commitment Reduction Notice was effective as of December 23, 2022.

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Morgan Stanley Direct Lending Fund filing history →

Source: SEC EDGAR

accession 0001782524-22-000125

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