PGIM Private Credit Fund Secures $1B Revolving Credit Facility

TL;DR

PGIM Private Credit Fund just inked a $1B revolving credit line, maturing 9/26/29, to fuel investments.

AI Summary

PGIM Private Credit Fund announced on September 26, 2024, that it has entered into a new credit agreement. This agreement involves a revolving credit facility with a maximum principal amount of $1.0 billion, which can be increased to $1.5 billion under certain conditions. The facility matures on September 26, 2029, and is intended to provide ongoing liquidity for the fund's investment activities.

Why It Matters

This new credit facility provides PGIM Private Credit Fund with significant liquidity, enabling it to continue its investment strategy and potentially capitalize on new opportunities in the private credit market.

Risk Assessment

Risk Level: low — The filing is a standard disclosure of a credit facility, which is a common financing tool for investment funds and does not inherently indicate elevated risk.

Key Numbers

• $1.0B — Revolving Credit Facility (Initial principal amount available for the fund's liquidity needs.)
• $1.5B — Potential Facility Increase (Maximum amount the facility can be expanded to under specified terms.)
• 5 years — Facility Term (The duration until the credit facility matures on September 26, 2029.)

Key Players & Entities

• PGIM Private Credit Fund (company) — Registrant
• $1.0 billion (dollar_amount) — Initial principal amount of the revolving credit facility
• $1.5 billion (dollar_amount) — Maximum principal amount with potential increase
• September 26, 2024 (date) — Date of the credit agreement
• September 26, 2029 (date) — Maturity date of the revolving credit facility

FAQ

Key Financial Figures

• $116.2 m — 31, 2024, the Fund's aggregate NAV was $116.2 million, the fair value of its investment
• $162.0 m — r value of its investment portfolio was $162.0 million, and it had $51.5 million of debt
• $51.5 million — ortfolio was $162.0 million, and it had $51.5 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

• tm2425244d1_8k.htm (8-K) — 40KB
• 0001104659-24-104327.txt ( ) — 205KB
• none-20240926.xsd (EX-101.SCH) — 3KB
• none-20240926_lab.xml (EX-101.LAB) — 33KB
• none-20240926_pre.xml (EX-101.PRE) — 22KB
• tm2425244d1_8k_htm.xml (XML) — 3KB

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. September 2024 Distributions On September 27, 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 $ 0.27655 Class D Common Shares $ 0.28963 Class I Common Shares $ 0.29478 The distribution for the Shares is payable to shareholders of record as of the open of business on September 30, 2024 and will be paid on or about October 31, 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 August 31, 2024, as determined in accordance with the Fund's valuation policy, is set forth below. NAV as of August 31, 2024 Class S Common Shares $ 25.47 Class D Common Shares $ 25.45 Class I Common Shares $ 25.01 As of August 31, 2024, the Fund's aggregate NAV was $116.2 million, the fair value of its investment portfolio was $162.0 million, and it had $51.5 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 44,638 $ 1,102,500 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 * 4,331,342 $ 110,225,000 * 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: September 30, 2024 By: /s/ Elyse M. McLaughlin Name: Elyse M. McLaughlin Title: Treasurer and Principal

View Full Filing

View this 8-K filing on SEC EDGAR