PGIM Private Credit Fund 8-K

What Happened

• PGIM Private Credit Fund filed an 8‑K on May 8, 2026 disclosing that its wholly owned subsidiary, PGIM Private Credit Fund ABL LLC (the "SPV"), entered into a Loan Financing and Servicing Agreement (the "Credit Facility") on May 5, 2026. The initial facility commitment is $100 million, with an accordion feature that can increase aggregate commitments up to $500 million with lender consent.
• The Credit Facility is secured by substantially all assets in the SPV’s portfolio (including a first‑priority security interest, subject to permitted liens). Deutsche Bank AG, New York Branch is the facility agent and State Street Bank and Trust Company is the collateral agent/custodian; the Fund is the equityholder and servicer.

Key Details

• Initial commitment: $100,000,000; accordion up to $500,000,000.
• Interest: applicable margin plus a benchmark for the currency (for USD advances: three‑month Term SOFR), with a 0.25% floor.
• Term: revolving period ends three years after closing (May 5, 2029 unless extended); final maturity is the earlier of two years after end of the revolving period and certain earlier termination events.
• Borrowing conditions: secured by a borrowing base with varying advance rates by asset type; subject to Investment Company Act leverage restrictions and customary covenants and events of default (including change of control). Lenders may accelerate obligations on an event of default.

Why It Matters

• This agreement creates a material, secured source of liquidity for the SPV (and indirectly the Fund) while also adding secured debt that could be accelerated on covenant or default events. The facility’s size, borrowing base mechanics and variable interest mean availability and cost of borrowing will depend on portfolio composition and market reference rates.
• Retail investors should watch future disclosures for actual borrowings, covenant compliance, changes to facility size or terms, and any effects on the Fund’s leverage, liquidity and risk profile. The full Credit Facility is filed as Exhibit 10.1 to the 8‑K for detailed terms.