North Haven Private Income Fund LLC: debt financing — North Haven Private Income Fund issues $300M in Series C Senior Notes (8.92%-9.07%)

North Haven Private Income Fund LLC

$136.5M Tranche A Notes due Mar 2027 at 8.92% fixed; $163.5M Tranche B Notes due Mar 2029 at 9.07% fixed.
Net proceeds used for general corporate purposes, including investments, debt repayment, and distributions.
Interest rate swaps convert fixed to floating (SOFR+4.49% on Tranche A, SOFR+4.77% on Tranche B) to align with floating-rate loan portfolio.
Notes are unsecured, rank pari passu with other unsecured unsubordinated debt; private placement exempt from registration.

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 $136.5 million in aggregate principal amount of Series C Senior Notes, Tranche A at 8.92% per year maturing March 1, 2027.

Instrument: senior notes
Principal: $136.5 million in aggregate principal amount of Series C Senior Notes, Tranche A
Rate: 8.92% per year
Maturity: March 1, 2027
Event: incurrence

Exact text from the filing

On December 1, 2023, North Haven Private Income Fund LLC (the “Company”) entered into the First Supplement, dated as of December 1, 2023 (the “First Supplement”), to the Master Note Purchase Agreement dated as of August 10, 2023 (as supplemented by the First Supplement, the “Note Purchase Agreement”) governing the issuance of $136.5 million in aggregate principal amount of Series C Senior Notes, Tranche A, due March 1, 2027 (the “Tranche A 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 $163.5 million in aggregate principal amount of Series C Senior Notes, Tranche B at 9.07% per year maturing March 1, 2029.

Instrument: senior notes
Principal: $163.5 million in aggregate principal amount of Series C Senior Notes, Tranche B
Rate: 9.07% per year
Maturity: March 1, 2029
Event: incurrence

Exact text from the filing

the issuance of $163.5 million in aggregate principal amount of Series C Senior Notes, Tranche B, due March 1, 2029 (the “Tranche B Notes” and, together with the Tranche A Notes, collectively, the “Series C Notes”) to certain qualified institutional investors in a private placement.

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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 First Supplement with certain qualified institutional investors valued at $136.5 million in aggregate principal amount of Series C Senior Notes, Tranche A, due March 1, 2027 (effective 2023-12-01).

Action: entry
Agreement: notes offering
Counterparty: certain qualified institutional investors
Value: $136.5 million in aggregate principal amount of Series C Senior Notes, Tranche A, due March 1, 2027
Effective: 2023-12-01

Exact text from the filing

On December 1, 2023, North Haven Private Income Fund LLC (the “Company”) entered into the First Supplement, dated as of December 1, 2023 (the “First Supplement”), to the Master Note Purchase Agreement dated as of August 10, 2023 (as supplemented by the First Supplement, the “Note Purchase Agreement”) governing the issuance of $136.5 million in aggregate principal amount of Series C Senior Notes, Tranche A, due March 1, 2027 (the “Tranche A Notes”) and the issuance of $163.5 million in aggregate principal amount of Series C Senior Notes, Tranche B, due March 1, 2029 (the “Tranche B Notes” and, together with the Tranche A Notes, collectively, the “Series C Notes”) to certain qualified institutional investors in a private placement.

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Source: SEC EDGAR

accession 0001851322-23-000103

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