Morgan Stanley Direct Lending Fund Enters New Credit Agreement

TL;DR

MSDLF just signed a new credit deal, potentially boosting their lending power.

AI Summary

On August 21, 2024, Morgan Stanley Direct Lending Fund entered into a material definitive agreement, specifically a credit agreement, which creates a direct financial obligation for the registrant. The filing details the terms of this agreement, which is a significant financial commitment for the fund.

Why It Matters

This filing indicates the fund has secured new financing, which could impact its ability to originate new loans and manage its existing portfolio.

Risk Assessment

Risk Level: medium — Entering into new credit agreements can introduce financial leverage and obligations, which carry inherent risks.

Key Players & Entities

• Morgan Stanley Direct Lending Fund (company) — Registrant
• August 21, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share MSDL The New York Stock Excha

Filing Documents

• msdlf-20240821.htm (8-K) — 37KB
• msim-fifthamendmenttorevol.htm (EX-10.1) — 1830KB
• 0001782524-24-000033.txt ( ) — 2252KB
• msdlf-20240821.xsd (EX-101.SCH) — 2KB
• msdlf-20240821_lab.xml (EX-101.LAB) — 21KB
• msdlf-20240821_pre.xml (EX-101.PRE) — 12KB
• msdlf-20240821_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On August 21, 2024, DLF Financing SPV LLC ("DLF LLC"), a Delaware limited liability company and wholly owned subsidiary of Morgan Stanley Direct Lending Fund (the "Company"), entered into a fifth amendment (the "Fifth Amendment") to that certain Revolving Credit and Security Agreement, dated as of October 14, 2020 (as amended, restated or otherwise modified from time to time, the "BNP Funding Facility"), by and among DLF LLC, as the Borrower, the Company, as the Equityholder and the Servicer, the Lenders party thereto, U.S. Bank Trust Company, National Association, as Collateral Agent, and BNP Paribas, as Administrative Agent. The Fifth Amendment, amended certain terms of the BNP Funding Facility, to, amongst other things (a) extend the Reinvestment Period to August 21, 2027, (b) extend the Final Maturity Date to August 21, 2029, (c) reduce the Applicable Margin from 2.85% to 2.25%, and (d) modify certain eligibility criteria and concentration limits. The other material terms of the BNP Funding Facility remain unchanged. Borrowings under the BNP Funding Facility are subject to various covenants under the related agreements as well as the leverage restrictions contained in the Investment Company Act of 1940, as amended. The description above is only a summary of the material provisions of the Facility and is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.1 to this current report on Form 8-K and incorporated by reference herein. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 is incorporated by reference into this Item 2.03.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibits Exhibit Number Description 10.1* Amendment No. 5 to Revolving Credit and Security Agreement, dated as of August 21, 2024, among DLF Financing SPV LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, Morgan Stanley Direct Lending Fund, as equity holder and servicer, and U.S. Bank National Association, as collateral agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). *Schedules to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K. The registrant agrees to furnish supplementally a copy of all omitted schedules to the SEC upon its request. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 27, 2024 MORGAN STANLEY DIRECT LENDING FUND By: /s/ David Pessah David Pessah Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR