Cliffwater closes $760 million senior secured notes private placement

By Mary-Katherine Stinson

Lexington, Ky., Dec. 19 – Cliffwater Corporate Lending Fund announced it closed its fourth privately placed senior secured notes offering totaling $760 million.

The notes are secured by the fund’s assets, rank pari passu with its senior secured revolving credit facility and have staggered maturity dates from three to 12 years, according to a press release.

MUFG Securities Americas Inc. and U.S. Bancorp Investments, Inc. acted as the lead placement agents with PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., Regions Securities LLC and Synovus Securities, Inc. as placement agents.

The fund intends to use proceeds from this offering to continue portfolio growth coinciding with the fund's pace of equity inflows. As of Nov. 30, CCLFX was over $14.8 billion in net assets, up from approximately $12 billion as of June 30.

Cliffwater is a Marina del Rey, Calif.-based registered interval fund focused on corporate middle-market direct lending.

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