North Haven Private Income Fund LLC: debt financing — North Haven Private Income Fund issues $350M in senior notes (8.10% and 8.13%) due 2026/2028

North Haven Private Income Fund LLC

$204M Tranche A notes at 8.10% due March 2026; $146M Tranche B at 8.13% due March 2028.
Notes are senior unsecured, pari passu with existing unsecured debt.
Proceeds for general corporate purposes including investments, debt repayment, distributions.
Interest rate steps up if below-investment-grade rating or secured debt ratio >0.60:1.00.
Contains financial covenants: minimum shareholders' equity and minimum asset coverage ratio per 1940 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

North Haven Private Income Fund LLC incurred senior notes of $146.0 million in aggregate principal amount of Series A Senior Notes, Tranche B at 8.13% per year maturing March 16, 2028.

Instrument: senior notes
Principal: $146.0 million in aggregate principal amount of Series A Senior Notes, Tranche B
Rate: 8.13% per year
Maturity: March 16, 2028
Event: incurrence

Exact text from the filing

the issuance of $146.0 million in aggregate principal amount of Series A Senior Notes, Tranche B, due March 16, 2028

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

North Haven Private Income Fund LLC incurred senior notes of $204.0 million in aggregate principal amount of Series A Senior Notes, Tranche A at 8.10% per year maturing March 16, 2026.

Instrument: senior notes
Principal: $204.0 million in aggregate principal amount of Series A Senior Notes, Tranche A
Rate: 8.10% per year
Maturity: March 16, 2026
Event: incurrence

Exact text from the filing

On March 16, 2023, North Haven Private Income Fund LLC (the “Company”) entered into a Master Note Purchase Agreement (the “March 2023 NPA”) governing the issuance of $204.0 million in aggregate principal amount of Series A Senior Notes, Tranche A, due March 16, 2026

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

North Haven Private Income Fund LLC entered into Master Note Purchase Agreement with certain qualified institutional investors valued at $204.0 million in aggregate principal amount of Series A Senior Notes, Tranche A, due March 16, 2026 (effective 2023-03-16).

Action: entry
Agreement: notes offering
Counterparty: certain qualified institutional investors
Value: $204.0 million in aggregate principal amount of Series A Senior Notes, Tranche A, due March 16, 2026
Effective: 2023-03-16

Exact text from the filing

On March 16, 2023, North Haven Private Income Fund LLC (the “Company”) entered into a Master Note Purchase Agreement (the “March 2023 NPA”) governing the issuance of $204.0 million in aggregate principal amount of Series A Senior Notes, Tranche A, due March 16, 2026 (the “Tranche A Notes”) and the issuance of $146.0 million in aggregate principal amount of Series A Senior Notes, Tranche B, due March 16, 2028 (the “Tranche B Notes” and, together with the Tranche A Notes, collectively, the “Series A Notes”) to certain qualified institutional investors in a private placement.

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Source: SEC EDGAR

accession 0001851322-23-000021

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