On May 19, 2025, Morgan Stanley Direct Lending Fund entered into a significant financial agreement with U.S. Bank Trust Company, National Association. The two parties signed a Third Supplemental Indenture to the existing Indenture dated February 11, 2022. This new agreement pertains to Morgan Stanley's issuance of $350 million in 6.000% notes due in 2030. The notes, maturing on May 19, 2030, can be redeemed before April 19, 2030, at par value plus a calculated "make-whole" premium. Additionally, Morgan Stanley entered into interest rate swaps to align the fixed interest rate of 6.253% with its predominantly floating rate loan portfolio. The net proceeds of approximately $342.5 million will be used to repay secured indebtedness and for general corporate purposes.
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