Monitor future drawdowns under the facility and the SPV's borrowing base utilization. The accordion feature indicates potential for increased leverage; watch for collateral quality tests and advance rate changes that could affect borrowing capacity.
Price Chart
Executive Summary
PGIM Private Credit Fund established a $100 million secured credit facility through its wholly-owned SPV, with Deutsche Bank as facility agent and State Street as collateral agent. The facility has a 3-year revolving period, extends to 2 years post-revolving, and includes an accordion feature allowing increases up to $500 million with lender consent. This provides the fund with additional leverage capacity for its investment portfolio.
Key Financial Metrics
Key Facts
- Initial facility amount of $100 million, expandable to $500 million with lender and facility agent consent.
- 3-year revolving period starting May 5, 2026, extendable with lender consent.
- Final maturity is the earlier of 2 years after revolving period end or certain termination events.
- Borrowings bear interest at applicable margin plus benchmark rate (e.g., Term SOFR for USD) with a 0.25% floor.
- Secured by substantially all assets of the SPV, including first-priority security interest in loan assets and cash.
- Subject to a borrowing base with different advance rates for different asset types, and leverage restrictions under the 1940 Act.
- Customary events of default, including change of control of the SPV.
Financial Impact
Up to $100 million initial facility, with potential expansion to $500 million; no immediate P&L impact from the facility itself.
Risk Factors
- Increased leverage could amplify losses if portfolio underperforms.
- Borrowing base constraints may limit access to funds during market stress.
- Interest rate risk from floating-rate benchmark plus margin.
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-214205 |
| Document: ck0001923622-20260505.htm | 0001193125-26-214205 |
| Document: 0001193125-26-214205-index-headers.html | 0001193125-26-214205 |
| Document: 0001193125-26-214205-index.html | 0001193125-26-214205 |
| Document: 0001193125-26-214205.txt | 0001193125-26-214205 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 8-K | — | awaiting T+20 | — | — |
Sep 29, 2026 28d ago | SC TO-I | — | awaiting T+20 | — | — |
Sep 28, 2026 29d ago | 8-K | — | awaiting T+20 | — | — |
Sep 24, 2026 4w ago | 8-K | — | awaiting T+20 | — | — |
Jun 30, 2026 16w ago | 8-K | — | awaiting T+20 | — | — |
May 28, 2026 21w ago | 8-K | — | awaiting T+20 | — | — |
May 8, 2026 24w ago | 8-K | — | awaiting T+20 | — | — |
Apr 28, 2026 25w ago | 8-K | — | awaiting T+20 | — | — |
Feb 24, 2026 34w ago | 8-K | — | awaiting T+20 | — | — |
US Market Status
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