Lord Abbett Private Credit Fund has entered into a new Revolving Credit Facility agreement as of October 29, 2024. The agreement, involving lenders, issuers, and agents including Sumitomo Mitsui Banking Corporation and BofA Securities, Inc., provides the company access to an initial borrowing amount of $250 million, with the option to extend to $500 million under certain conditions. The facility will be available for borrowings until October 27, 2028, and will mature on October 29, 2029, requiring the company to repay borrowed amounts alongside mandatory prepayments in certain cases. Interest rates and additional fees are laid out. The company has made representations and warranties and must comply with certain covenants, maintain a specific asset coverage ratio, and face events of default provisions. The agreement grants the lenders a first priority interest in the company's assets.
List of names mentioned: - Lord Abbett Private Credit Fund - Sumitomo Mitsui Banking Corporation - BofA Securities, Inc.