StepStone Private Credit Fund LLC Announces $250M Revolving Credit Facility

What Happened

• StepStone Private Credit Fund LLC filed an 8-K (dated Sept. 17, 2026) to report that on Sept. 14, 2026 it and its wholly-owned SPV, StepStone SPV Facility VII, entered into a Credit Agreement providing a $250.0 million revolving credit facility. Goldman Sachs Bank USA serves as administrative/syndication agent and UMB Bank, N.A. serves as collateral agent, custodian and administrator. Borrowings bear interest at term SOFR (0.0% floor) plus a 1.90% margin and are secured by all assets of the SPV and by a pledge of the SPV Holdco’s equity interest in the SPV.

Key Details

• Total commitments: $250.0 million under the GS SPV VII Credit Facility (available in USD).
• Interest: term SOFR (floor 0.0%) + 1.90% margin; non-use fee applies on undrawn amounts.
• Security & structure: facility secured by SPV Facility VII assets and equity pledge from StepStone SPV Facility VII Intermediate Holdco LLC; borrowing base with variable advance rates and eligibility rules limits availability.
• Term highlights: reinvestment period ends Sept. 14, 2029; maturity date Sept. 14, 2031; make-whole premium on voluntary reductions or accelerations of commitments (2% through Sept. 14, 2027; 1% through Sept. 14, 2028).
• Guaranty: StepStone and SPV Holdco VII entered a Non-Recourse Carveout Guaranty outlining limited guarantees for specified willful misconduct/fraud and including customary financial maintenance covenants.

Why It Matters

• This credit facility provides the firm’s SPV with liquidity capacity (up to $250M) to support private credit investments or obligations, but actual availability depends on the borrowing base and asset eligibility.
• Borrowings under the facility count as the Company’s borrowings for Investment Company Act asset-coverage calculations, which can affect leverage and regulatory limits.
• The guaranty and carve-outs expose the Company to limited contingent liabilities tied to specific misconduct or breaches; investors should note the facility’s fees, prepayment premiums, and covenant terms when assessing liquidity and counterparty risk.