Lord Abbett Private Credit Fund 8-K

What Happened
Lord Abbett Private Credit Fund filed an 8‑K reporting that on December 1, 2025 its financing subsidiary, Lord Abbett PCF Financing 2 LLC, entered into a revolving credit facility providing up to $300 million in borrowings secured by the subsidiary’s assets. The revolving period runs through December 1, 2028 (reinvestment period end) and all borrowings mature on December 1, 2030. U.S. dollar borrowings accrue interest at daily SOFR plus a margin of 1.60%–2.00% (floor 0%), and the facility is secured by a first‑priority lien on substantially all of PCF Financing 2’s assets; obligations are limited recourse, payable from the collateral. The Company also reported that on December 1, 2025 it issued approximately 2,303,214 common shares for aggregate proceeds of about $58.0 million at $25.20 per share (final share count set Dec 18, 2025). Separately, the Company declared a distribution of about $0.22 per share (record date Dec 31, 2025; pay date on or about Jan 28, 2026).

Key Details

• Revolving Credit Facility: up to $300,000,000; reinvestment period ends Dec 1, 2028; termination/maturity Dec 1, 2030.
• Pricing: U.S. dollar borrowings at daily SOFR + 1.60%–2.00% (0% floor); non‑usage fee schedule applies after the first 9 months.
• Share issuance: ~2,303,214 Common Shares sold for aggregate proceeds of ~$58.0M at $25.20 per share (subscription agreements; reliance on Reg D/Section 4(a)(2)).
• Portfolio / NAV snapshot (as of Nov 30, 2025): aggregate NAV ≈ $471M; NAV per share = $25.20; portfolio ~94% senior secured debt, 100% floating‑rate debt by par; weighted average yield on debt investments ~9.5%.

Why It Matters
The new $300M credit facility gives the Fund’s financing vehicle additional liquidity and financing flexibility to support its private credit investments (for example, to fund new loans or manage portfolio cash flow), but the loans are secured by the subsidiary’s assets and are limited‑recourse to that collateral. Investors should note the facility includes customary covenants, reporting requirements and default provisions that could affect the subsidiary if breached. The capital raise of roughly $58M via common share subscriptions increases the Fund’s capital base, and the declared $0.22/share distribution outlines near‑term cash return to shareholders. Finally, the portfolio is heavily weighted to senior secured, floating‑rate loans (which currently yield on average ~9.5%), a detail relevant to income expectations and interest rate sensitivity.