Audax Private Credit Fund, LLC 8-K

What Happened
Audax Private Credit Fund, LLC announced on April 16, 2026 (Agreement effective April 10, 2026) that it entered into a senior secured credit facility with JPMorgan Chase Bank, N.A. as administrative and collateral agent and with JPMorgan, PNC and Pinnacle Bank (d/b/a Synovus) as lead arrangers. The initial committed amount is $275,000,000 (subject to the borrowing base), with an accordion to increase commitments up to $412,500,000. The Facility is secured by a first-priority interest in substantially all portfolio investments and is guaranteed by certain current and future Fund subsidiaries. The filing also reports the creation of a new direct financial obligation from this borrowing arrangement.

Key Details

• Initial principal amount: $275,000,000 subject to borrowing base; accordion option up to $412,500,000.
• Interest: U.S. dollar loans bear Adjusted Term SOFR + 1.75% or 1.875% (or Alternate Base Rate + 0.75% or 0.875% for ABR loans), depending on rate election and the borrowing base.
• Fees and limits: 0.375% per annum fee on daily undrawn amounts; $50,000,000 swingline loan limit.
• Term: Revolving commitments available through April 10, 2030; Facility matures April 10, 2031; mandatory prepayments required between commitment termination and maturity from certain asset sales, recoveries and equity/debt issuances.
• Use of proceeds: General corporate purposes, including repaying debt, distributions, new investments and acquisition/funding of portfolio investments.
• Covenants: Includes customary affirmative/negative covenants and financial covenants requiring minimum shareholders’ equity and an asset coverage ratio.

Why It Matters
This Facility gives Audax Private Credit Fund immediate liquidity and borrowing capacity to repay debt, support distributions and fund new investments — which can affect the Fund’s leverage and cash available for operations. The security (first-priority lien on portfolio investments) and covenants may limit the Fund’s flexibility to take on additional debt or liens and create financial tests (equity and coverage ratios) management must meet. Investors should watch the Fund’s borrowing base, covenant compliance, and any future borrowings or draws under the Facility, as these actions can change interest expense, credit risk and return dynamics for the Fund.