North Haven Private Income Fund LLC: debt financing — North Haven Private Income Fund issues $235M in senior notes; Tranche A due 2026, Tranche B due 2028

North Haven Private Income Fund LLC

Issued $107M of 8.84% Series B Senior Notes (Tranche A) due Aug 10, 2026 and $128M of 8.88% Series B Notes (Tranche B) due Aug 10, 2028.
Notes sold to qualified institutional investors in a private placement; net proceeds for general corporate purposes including investments and repaying debt.
Interest payable semiannually in March and September, starting March 2024; optional redemption at par plus accrued interest and make-whole premium if redeemed before May 10, 2026/2028.
Financial covenants require minimum shareholders' equity and asset coverage ratio at or above the statutory minimum under the Investment Company Act of 1940.
Change-in-control triggers offer to repurchase at par; interest steps up by 1.00% (Below Investment Grade) or 1.50% (Secured Debt Ratio >0.60:1.00).

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 $128.0 million in aggregate principal amount of Series B Senior Notes, Tranche B, due August 10, 2028 with certain qualified institutional investors at 8.88% per year maturing August 10, 2028.

Instrument: senior notes
Principal: $128.0 million in aggregate principal amount of Series B Senior Notes, Tranche B, due August 10, 2028
Counterparty: certain qualified institutional investors
Rate: 8.88% per year
Maturity: August 10, 2028
Event: incurrence

Exact text from the filing

the issuance of $128.0 million in aggregate principal amount of Series B Senior Notes, Tranche B, due August 10, 2028 (the “Tranche B Notes” and, together with the Tranche A Notes, collectively, the “Series B Notes”)

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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 $107.0 million in aggregate principal amount of Series B Senior Notes, Tranche A, due August 10, 2026 with certain qualified institutional investors at 8.84% per year maturing August 10, 2026.

Instrument: senior notes
Principal: $107.0 million in aggregate principal amount of Series B Senior Notes, Tranche A, due August 10, 2026
Counterparty: certain qualified institutional investors
Rate: 8.84% per year
Maturity: August 10, 2026
Event: incurrence

Exact text from the filing

On August 10, 2023, North Haven Private Income Fund LLC (the “Company”) entered into a Master Note Purchase Agreement (the “August 2023 NPA”) governing the issuance of $107.0 million in aggregate principal amount of Series B Senior Notes, Tranche A, due August 10, 2026 (the “Tranche A Notes”)

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

North Haven Private Income Fund LLC entered into Master Note Purchase Agreement with certain qualified institutional investors valued at $107.0 million in aggregate principal amount of Series B Senior Notes, Tranche A, due August 10, 202 (effective 2023-08-10).

Action: entry
Agreement: notes offering
Counterparty: certain qualified institutional investors
Value: $107.0 million in aggregate principal amount of Series B Senior Notes, Tranche A, due August 10, 202
Effective: 2023-08-10

Exact text from the filing

On August 10, 2023, North Haven Private Income Fund LLC (the “Company”) entered into a Master Note Purchase Agreement (the “August 2023 NPA”) governing the issuance of $107.0 million in aggregate principal amount of Series B Senior Notes, Tranche A, due August 10, 2026 (the “Tranche A Notes”) and the issuance of $128.0 million in aggregate principal amount of Series B Senior Notes, Tranche B, due August 10, 2028

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Source: SEC EDGAR

accession 0001851322-23-000074

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