PGIM PGIM Private Credit Fund

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Executive Summary

PGIM Private Credit Fund established a $100 million secured credit facility through its wholly-owned SPV, with Deutsche Bank as facility agent and State Street as collateral agent. The facility has a 3-year revolving period, extends to 2 years post-revolving, and includes an accordion feature allowing increases up to $500 million with lender consent. This provides the fund with additional leverage capacity for its investment portfolio.

Key Financial Metrics

Actionable Insight

Key Facts

• Initial facility amount of $100 million, expandable to $500 million with lender and facility agent consent.
• 3-year revolving period starting May 5, 2026, extendable with lender consent.
• Final maturity is the earlier of 2 years after revolving period end or certain termination events.
• Borrowings bear interest at applicable margin plus benchmark rate (e.g., Term SOFR for USD) with a 0.25% floor.
• Secured by substantially all assets of the SPV, including first-priority security interest in loan assets and cash.
• Subject to a borrowing base with different advance rates for different asset types, and leverage restrictions under the 1940 Act.
• Customary events of default, including change of control of the SPV.

Financial Impact

Up to $100 million initial facility, with potential expansion to $500 million; no immediate P&L impact from the facility itself.

Risk Factors

• Increased leverage could amplify losses if portfolio underperforms.
• Borrowing base constraints may limit access to funds during market stress.
• Interest rate risk from floating-rate benchmark plus margin.

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

US Market Status

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