Stone Point Credit Income Fund Enters $590M Senior Secured Credit Facilities

What Happened

• Stone Point Credit Income Fund (the Fund) and its wholly owned SPV, SPCIF Funding I LLC, entered into two related senior secured credit agreements dated July 17, 2026 (filed on Form 8-K July 23, 2026): an amended and restated ABL Credit Facility and a new Subline Credit Facility with JPMorgan Chase Bank, N.A. as administrative agent and lender. The combined initial committed amounts are $380 million for the ABL and $210 million for the Subline (total $590 million). The ABL matures January 22, 2030; the Subline matures July 17, 2028.

Key Details

• Parties: ABL borrower is SPCIF Funding I LLC (SPV); Subline borrower is the Fund. Stone Point Credit Income Adviser LLC serves as portfolio manager; The Bank of New York Mellon Trust Co. is collateral agent for the ABL.
• Commitments & capacity: ABL initial commitment $380M with discretionary accordion (with JPM consent) up to $1.0B total; Subline initial commitment $210M.
• Interest & pricing: ABL Advances = Reference Rate + 2.20% p.a. (2.3193% p.a. for GBP Advances); Subline Advances = Reference Rate + 2.05% p.a. (2.1693% p.a. for GBP Advances). Rates subject to certain adjustments per each agreement.
• Security & recourse: Subline is secured by the Fund’s uncalled capital commitments and related capital call rights/accounts (including rights tied to a feeder fund); Fund’s obligations under the Subline are non‑recourse beyond those collateral interests. The ABL contains customary collateral arrangements and covenants.
• Defaults: Both facilities contain customary events of default (including change of control); lenders may accelerate obligations upon an event of default.

Why It Matters

• These facilities provide the Fund and its SPV with immediate committed liquidity ($590M initially) and an option to expand the ABL up to $1B, which supports operations, investments, and capital management.
• The Subline’s structure limits the Fund’s exposure to its uncalled capital commitments (non‑recourse), while the ABL is a secured facility of the SPV — investors should note differing collateral and recourse profiles, as well as the facilities’ maturities and interest margins, when assessing leverage and liquidity risk.