LGAM Private Credit LLC 8-K

What Happened

• LGAM Private Credit LLC filed an 8‑K disclosing two material items: an unregistered issuance of common units and a regular cash distribution. As of June 1, 2026 (final count determined June 22, 2026) the Fund sold approximately 263,964 common units at $19.61 per unit for aggregate proceeds of about $5.2 million under subscription agreements relying on Regulation S (non‑U.S. purchasers).
• Separately, on June 22, 2026 the Fund declared a regular distribution of $0.1389 per unit, payable on or about July 6, 2026 to unitholders of record as of June 30, 2026. The filing also provided portfolio and NAV information as of May 31, 2026.

Key Details

• Unregistered sale: ~263,964 units; $19.61 per unit; ≈ $5.2 million aggregate; issuance under Regulation S (non‑U.S. purchasers).
• Distribution: $0.1389 per unit declared June 22, 2026; payable ~July 6, 2026; record date June 30, 2026.
• Portfolio (as of May 31, 2026): 146 portfolio companies across 33 industries; aggregate par value ≈ $671.3M; ~99.6% first‑lien debt; ~99.9% of debt at floating rates.
• NAV and leverage: estimated NAV ≈ $250.0M; debt outstanding (principal) ≈ $307.7M. New commitments in May ≈ $9.4M (all first‑lien).

Why It Matters

• The unit sale raised modest capital (~$5.2M) through a Regulation S placement to non‑U.S. investors, which can increase the Fund’s invested capital without a registered offering.
• The declared distribution provides a near‑term cash return to unitholders and reflects the Fund’s current payout policy.
• Portfolio details show the Fund is heavily concentrated in floating‑rate, first‑lien debt across many industries (largest sector: Software ~18.8%), which affects interest‑rate sensitivity and credit exposure.
• The estimated NAV ($250M) versus outstanding debt ($307.7M) is a concrete financial snapshot investors should note; NAV is preliminary and may change when the Fund completes financial close procedures and files its Form 10‑Q.