Loan & DebtMay 8, 2026, 02:21 PM
PGIM Private Credit Fund Subsidiary Secures $100M Credit Facility
AI Summary
PGIM Private Credit Fund's wholly owned subsidiary, PGIM Private Credit Fund ABL LLC, has entered into a new loan financing and servicing agreement, or Credit Facility, with an initial amount of $100 million. The facility includes an accordion feature that allows for an increase up to an aggregate commitment of $500 million. The Credit Facility, secured by the SPV's portfolio assets, has a three-year revolving period and a final maturity two years thereafter, providing significant financing flexibility.
Key Highlights
- PGIM Private Credit Fund ABL LLC, a subsidiary, entered into a $100 million loan financing and servicing agreement.
- The Credit Facility has an accordion feature allowing increases up to an aggregate commitment of $500 million.
- The revolving period for the facility ends three years after the May 5, 2026 closing date, with potential for extension.
- Final maturity is two years after the revolving period ends or upon certain earlier termination events.
- Borrowings bear interest at an applicable margin plus a benchmark rate (e.g., three-month Term SOFR for Dollar advances), subject to a 0.25% floor.
- The facility is secured by substantially all assets in the SPV's portfolio, including a first-priority security interest in loan assets.
- Deutsche Bank AG, New York Branch, serves as the facility agent, and State Street Bank and Trust Company as collateral agent and custodian.
Price Impact
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