VistaOne, L.P. 8-K

What Happened

• VistaOne, L.P. filed an 8-K reporting that on March 31, 2026 a subsidiary borrower, VistaOne DE SPV, L.P., entered into a revolving credit agreement providing initial lender commitments of $181.25 million (Tranche A $145.0M committed; Tranche B $36.25M uncommitted). The facility’s stated maximum is $250 million and may be increased by up to an additional $250 million under certain conditions. Goldman Sachs Bank USA is the administrative agent and a lender, and The Bank of New York Mellon is the collateral agent. The facility matures March 31, 2029, with two one‑year extension options (subject to lender consent and conditions).
• The filing also reports that on April 1, 2026 the Fund sold 4,110 unregistered Class R limited partnership units for aggregate consideration of $102,750.

Key Details

• Initial commitments: $181.25 million (Tranche A $145.0M committed; Tranche B $36.25M discretionary to lenders). Maximum stated commitments: $250M (plus potential $250M increase).
• Pricing and fees: Interest = 3-month SOFR + Applicable Margin (3.00%–3.30%) or Base Rate + Applicable Margin − 1.00%; commitment fee on unused Tranche A = 0.65% p.a., payable quarterly.
• Collateral & guaranty: Borrower’s obligations are secured by cash/accounts, economic/beneficial interests and distributions from portfolio investments and related proceeds; VistaOne, L.P. (the Fund) provided a limited guaranty covering certain specified obligations (e.g., fraud, willful misconduct, misappropriation, certain bankruptcy events).
• Use and limits: Proceeds may fund equity for portfolio purchases, distributions, and fees/expenses. Borrowing is subject to loan‑to‑value limits (new loans limited by a 10%–15% applicable ratio and maintained at ≤20%, or ≤25% in limited circumstances). Lenders have no recourse to individual Fund investors.

Why It Matters

• The credit facility gives VistaOne’s investing vehicle flexible, committed liquidity to fund co-investments, make distributions, and cover fees—helpful for portfolio activity and cash management without immediate equity raises.
• The facility’s size, extension options, and borrowing conditions (secured, LTV limits, and lender pricing) define how much and how cheaply the Fund can lever its portfolio; investors should note the interest spread, commitment fee, and collateralization.
• The small April 2026 sale of Class R units ($~0.1M) reflects routine private offering activity and is immaterial relative to the credit facility.