Morgan Stanley Direct Lending Fund executed a Fourth Supplemental Indenture to issue $350.0 million of 6.100% senior unsecured notes due July 15, 2031. Interest is payable semi-annually on January 15 and July 15, beginning January 15, 2027, with optional redemption at a make-whole prior to June 15, 2031 and at par on or after that date. Net proceeds of approximately $341.6 million will be used to repay outstanding secured indebtedness, enhancing balance sheet flexibility. In connection with the issuance, the company entered into interest rate swaps to receive 6.100% fixed and pay SOFR + 2.1945% on $350.0 million, aligning funding costs with its floating-rate assets.
Agreement 1: Morgan Stanley Direct Lending Raises $350 Million Via 6.100% Notes Due 2031
- Agreement type: Fourth Supplemental Indenture for $350 million 6.100% senior unsecured notes due 2031
- Counterparty: U.S. Bank Trust Company
- Signed / Effective: Jul 09 2026 / Jul 09 2026
- Duration / Termination: To Jul 15 2031
- Reason: Refinance secured debt and align capital structure
Agreement 2: Morgan Stanley Direct Lending Enters Interest Rate Swaps to Hedge $350 Million Notes
- Agreement type: Interest rate swap agreements hedging $350 million notes
- Counterparty: N/A
- Signed / Effective: Jul 09 2026 / Jul 09 2026
- Reason: Align liability costs with floating-rate loan portfolio
Original SEC Filing:
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