Morgan Stanley Direct Lending Fund Prices Initial Public Offering
January 23 2024 - 5:29PM
Business Wire
Morgan Stanley Direct Lending Fund (“MSDL”), a business
development company externally managed by MS Capital Partners
Adviser Inc., today announced that it priced its initial public
offering of 5,000,000 shares of its common stock, par value $0.001
per share (the “Common Stock”) at $20.67 per share. MSDL’s shares
of Common Stock are expected to begin trading on The New York Stock
Exchange on January 24, 2024 under the symbol “MSDL.” MSDL also
granted the underwriters an option to purchase up to an additional
750,000 shares of Common Stock to cover overallotments, if any. The
closing of the offering is subject to customary closing conditions.
The shares are expected to be delivered on or about January 26,
2024.
MSDL intends to use the net proceeds from this offering to repay
a portion of the amounts outstanding under its credit facilities,
to make investments in accordance with its investment objectives
and strategies, and for other general corporate purposes.
Morgan Stanley, J.P. Morgan, and Wells Fargo Securities are
acting as lead joint book-running managers for the offering. Keefe,
Bruyette and Woods, A Stifel Company, Raymond James, RBC Capital
Markets, and UBS Investment Bank are also acting as joint
book-running managers for the offering. ING, JMP Securities, A
Citizens Company, MUFG, SMBC Nikko, Academy Securities, Loop
Capital Markets, R. Seelaus & Co., LLC, and Ramirez & Co.,
Inc. are acting as co-managers for the offering.
A registration statement relating to these securities was
filed with the U.S. Securities and Exchange Commission (“SEC”) and
was declared effective on January 23, 2024.
Investors are advised to carefully consider the investment
objectives, risks and charges and expenses of MSDL before
investing. The preliminary prospectus contains this and other
information about MSDL and should be read carefully before
investing. The information in the registration statement is not
complete and may be changed.
This press release will not constitute an offer to sell or
the solicitation of an offer to buy the securities described above
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to their registration or qualification under the
securities laws of any such state or jurisdiction. Offers of these
securities are made only by means of the prospectus. The SEC has
not approved or disapproved these securities or passed upon the
adequacy of the preliminary prospectus. Any representation to the
contrary is a criminal offense.
The offering of these securities is being made only by means
of a prospectus forming part of the registration statement, copies
of which may be obtained, when available, from: Morgan Stanley
& Co. LLC, Attn: Prospectus Department, 180 Varick Street, 2nd
Floor, New York, New York 10014; J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, by telephone at 866-803-9204 or by email at
prospectus-eq_fi@jpmchase.com; and Wells Fargo Securities, 90 South
7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751
(option #5) or email a request to
WFScustomerservice@wellsfargo.com.
About Morgan Stanley Direct Lending Fund
Morgan Stanley Direct Lending Fund (MSDL) is a non-diversified,
externally managed specialty finance company focused on lending to
middle-market companies. As of September 30, 2023, MSDL had an
investment portfolio of $3.1 billion measured by fair value, and a
net asset value of $1.5 billion. MSDL has elected to be regulated
as a business development company under the Investment Company Act
of 1940, as amended. MSDL is externally managed by MS Capital
Partners Adviser Inc., an indirect, wholly owned subsidiary of
Morgan Stanley. Morgan Stanley Investment Management is a global
investment manager with approximately $1.5 trillion of assets under
management as of December 31, 2023. MSDL is not a subsidiary of or
consolidated with Morgan Stanley.
Forward Looking Statements
Statements included herein may constitute “forward-looking
statements,” which relate to future events or MSDL’s future
performance or financial condition. These statements are not
guarantees of future performance, condition or results and involve
a number of risks and uncertainties, including related changes in
base interest rates and significant market volatility on MSDL’s
business, MSDL’s portfolio companies, MSDL’s industry and the
global economy. Actual results and conditions may differ materially
from those in the forward-looking statements as a result of a
number of factors, including those described from time to time in
MSDL’s filings with the SEC. MSDL undertakes no duty to update any
forward-looking statements made herein.
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version on businesswire.com: https://www.businesswire.com/news/home/20240123934820/en/
For investor relations inquiries, send an email to
MSDL@morganstanley.com For media inquiries, please contact: Alyson
Barnes Phone: +1 212 762-0514 alyson.barnes@morganstanley.com
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