PGIM Private Credit Fund Secures New Credit Facility
Ticker: PGIM · Form: 8-K · Filed: Aug 28, 2024 · CIK: 1923622
| Field | Detail |
|---|---|
| Company | Pgim Private Credit Fund (PGIM) |
| Form Type | 8-K |
| Filed Date | Aug 28, 2024 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $114.8 m, $146.1 m, $34.9 million, $2.5 billion |
| Sentiment | neutral |
Sentiment: neutral
Topics: credit-facility, financing, debt
TL;DR
PGIM Private Credit Fund just got a new credit line from PGIM Credit Investments LLC to boost its lending power.
AI Summary
On August 22, 2024, PGIM Private Credit Fund announced a new credit facility agreement. The fund entered into a credit agreement with PGIM Credit Investments LLC, acting as the administrative agent, and other lenders. This facility provides PGIM Private Credit Fund with additional financial flexibility.
Why It Matters
This new credit facility provides PGIM Private Credit Fund with enhanced financial resources, potentially enabling further investment opportunities and operational flexibility.
Risk Assessment
Risk Level: low — The filing is a standard disclosure of a credit facility agreement, which is a routine financial operation for a fund.
Key Players & Entities
- PGIM Private Credit Fund (company) — Registrant
- PGIM Credit Investments LLC (company) — Administrative Agent and Lender
- August 22, 2024 (date) — Date of earliest event reported
FAQ
What is the purpose of the new credit facility?
The filing indicates the credit facility is a standard agreement to provide the fund with financial flexibility and resources, though specific investment purposes are not detailed.
Who are the parties involved in the credit agreement?
The parties are PGIM Private Credit Fund as the borrower and PGIM Credit Investments LLC as the administrative agent and a lender.
When was the credit agreement entered into?
The earliest event reported in the filing is August 22, 2024, which is the date of the credit agreement.
What is the role of PGIM Credit Investments LLC in this agreement?
PGIM Credit Investments LLC is acting as the administrative agent and a lender under the new credit facility.
Does this filing specify the amount of the credit facility?
No, the filing does not specify the exact dollar amount of the credit facility.
Filing Stats: 758 words · 3 min read · ~3 pages · Grade level 9.7 · Accepted 2024-08-28 16:47:29
Key Financial Figures
- $114.8 m — 31, 2024, the Fund's aggregate NAV was $114.8 million, the fair value of its investment
- $146.1 m — r value of its investment portfolio was $146.1 million, and it had $34.9 million of debt
- $34.9 million — ortfolio was $146.1 million, and it had $34.9 million of debt outstanding (at principal). St
- $2.5 billion — ly offering on a continuous basis up to $2.5 billion in Shares (the " Offering "). Additiona
Filing Documents
- tm2422952d1_8k.htm (8-K) — 37KB
- 0001104659-24-094026.txt ( ) — 201KB
- none-20240822.xsd (EX-101.SCH) — 3KB
- none-20240822_lab.xml (EX-101.LAB) — 33KB
- none-20240822_pre.xml (EX-101.PRE) — 22KB
- tm2422952d1_8k_htm.xml (XML) — 3KB
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. August 2024 Distributions On August 22, 2024, PGIM Private Credit Fund (the " Fund ") declared a regular distribution for Class S shares, Class D shares and Class I shares of beneficial interest (the " Shares ") in the amounts per share set forth below: Distribution Class S Common Shares $ 0.20680 Class D Common Shares $ 0.22100 Class I Common Shares $ 0.22500 The distribution for the Shares is payable to shareholders of record as of the open of business on August 29, 2024 and will be paid on or about September 30, 2024. This distribution will be paid in cash or reinvested in shares of the Fund's Shares for shareholders participating in the Fund's distribution reinvestment plan (" DRIP ").
01. Other Events
Item 8.01. Other Events. Net Asset Value The net asset value (" NAV ") per share of each class of the Fund as of July 31, 2024, as determined in accordance with the Fund's valuation policy, is set forth below. NAV as of July 31, 2024 Class S Common Shares $ 25.38 Class D Common Shares $ 25.36 Class I Common Shares $ 24.93 As of July 31, 2024, the Fund's aggregate NAV was $114.8 million, the fair value of its investment portfolio was $146.1 million, and it had $34.9 million of debt outstanding (at principal). Status of Offering The Fund is currently publicly offering on a continuous basis up to $2.5 billion in Shares (the " Offering "). Additionally, the Fund has sold shares that are exempt from the registration provisions of the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) thereunder (the " Private Offering "). The following table lists the Shares issued and total consideration for both the Offering and the Private Offering as of the date of this filing, reflective of transfers between share classes. The table below does not include Shares sold through the Fund's DRIP. The Fund intends to continue selling Shares in the Offering and the Private Offering on a monthly basis. Common Shares Issued Total Consideration Offering: Class S Common Shares — $ — Class D Common Shares — $ — Class I Common Shares 41,639 $ 1,027,500 Private Offering: Class S Common Shares 382 $ 10,000 Class D Common Shares 382 $ 10,000 Class I Common Shares 4,285,940 $ 109,102,500 Total Offering and Private Offering * 4,328,343 $ 110,150,000 * Amounts may not sum due to rounding. 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. PGIM PRIVATE CREDIT FUND Date: August 28, 2024 By: /s/ Elyse M. McLaughlin Name: Elyse M. McLaughlin Title: Treasurer