TCW SPECIALTY LENDING LLC 8-K

What Happened

• On April 1, 2026, TCW Specialty Lending LLC completed a previously announced exchange offer. Holders of TCW Direct Lending VIII (“Fund VIII”) units were allowed to exchange Fund VIII units for equivalent Company units. 6,435,400 Fund VIII units were validly tendered and accepted (about 50.49% of outstanding Fund VIII units). Accepted Fund VIII units were cancelled and the Company issued Company units to the tendering holders.
• In connection with the exchange, Fund VIII transferred to the Company a pro rata share (i.e., proportional to units tendered) of the assets, liabilities and related interests it held immediately prior to the exchange. The Company also entered into amended and restated governance, advisory, administration and licensing agreements effective April 1, 2026.
• Also on April 1, 2026, TCW SL Financing LLC (a wholly owned subsidiary) entered into a Credit Agreement providing a senior secured asset‑based revolving credit facility up to $625 million. Approximately $262.4 million was borrowed at closing (the pro rata portion of Fund VIII’s prior indebtedness). The facility has a five‑year term and interest at SOFR + 2.10%.

Key Details

• Exchange accepted: 6,435,400 Fund VIII units, ~50.49% of outstanding Fund VIII units.
• Credit Facility: up to $625 million; $262.4 million drawn at closing; five‑year term; interest = SOFR + 2.10%.
• Collateral and terms: obligations secured by TCW SL Financing LLC’s assets (including portfolio investments and cash); facility includes customary covenants, borrowing base provisions, events of default and remedies.
• Effective date for amended agreements and transactions: April 1, 2026.

Why It Matters

• The exchange materially increased the Company’s ownership of Fund VIII assets (received a proportional share equal to the units tendered), which may change the size and composition of the Company’s portfolio and investor base.
• The new $625M revolving facility (with $262.4M initially outstanding) provides liquidity and funds existing indebtedness transferred from Fund VIII, but also brings customary covenants and secured leverage that investors should monitor.
• Investors should watch upcoming periodic filings (the Company expects to file the Credit Agreement as an exhibit to its next Form 10‑Q) for full credit agreement terms and for disclosure of any additional effects on the Company’s balance sheet and operations.

Note: The filing also references unregistered sales of equity securities (Item 3.02); detailed text for that item was not provided in the excerpt.