PGIM Private Credit Fund gets $150 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, Nov. 1 – PGIM Private Credit Fund entered into a $150 million five-year senior secured revolving credit facility on Oct. 30 with Sumitomo Mitsui Banking Corp. as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

An accordion feature permits the revolver to be expanded to up to $350 million.

Borrowings bear interest at term SOFR +10 basis points CSA plus either 212.5 bps, if the ratio of the gross borrowing base to combined debt amount is greater than or equal to 1.6:1, or 225 bps otherwise.

Sumitomo Mitsui is also the lead arranger, documentation agent and syndication agent and is a joint bookrunner with State Street Bank and Trust Co.

Proceeds may be used for general corporate purposes.

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