BlackRock Private Credit Fund enters up to $75 million revolver

By Wendy Van Sickle

Columbus, Ohio, April 24 – BlackRock Private Credit Fund entered into a senior secured credit agreement on April 19 that provides for a revolver in an initial amount of up to $75 million, subject to availability under the borrowing base, which is based on the company’s portfolio investments and other outstanding debt, according to an 8-K filing with the Securities and Exchange Commission.

Maximum capacity may be increased to $500 million via an accordion feature.

The credit facility is secured by a perfected first-priority interest in substantially all of the portfolio investments held by the company and each guarantor. There is a $50 million sublimit for swingline loans.

The availability period will terminate on April 19, 2028, and the credit facility will mature on April 19, 2029.

Borrowings will bear interest at term SOFR plus margin of 200 basis points of 187.5 bps, and there is a fee on daily undrawn amounts of 37.5 bps.

Sumitomo Mitsui Banking Corp. is the administrative agent and lead arranger.

The private investment fund is a subsidiary of BlackRock Private Credit Fund, based in New York.

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