Morgan Stanley Direct Lending prices $350M in notes due 2031

Morgan Stanley Direct Lending Fund (NYSE: MSDL) has priced an offering of $350.0 million in aggregate principal amount of 6.100% notes due July 15, 2031, according to a press release from the company.

The notes may be redeemed in whole or in part at the company's option at any time at par plus a "make-whole" premium. The notes may also be redeemed at par one month prior to their maturity date.

The offering is expected to close on or about July 9, 2026, subject to customary closing conditions. The company said it intends to use the net proceeds to repay outstanding secured indebtedness under its financing arrangements.

Truist Securities, BNP Paribas Securities, MUFG Securities Americas, RBC Capital Markets, SMBC Nikko Securities America, ING Financial Markets, J.P. Morgan Securities, Morgan Stanley & Co., Regions Securities, Wells Fargo Securities, and Barclays Capital are acting as joint book-running managers for the offering.

Morgan Stanley Direct Lending Fund is a non-diversified, externally managed specialty finance company focused on lending to middle-market companies. It is regulated as a business development company and is externally managed by MS Capital Partners Adviser Inc., an indirect, wholly owned subsidiary of Morgan Stanley.

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