On Oct. 24, 2024, HPS Corporate Lending Fund entered a commitment increase agreement with Wells Fargo Bank as the new assuming lender and JPMorgan Chase Bank as administrative agent, according to an 8-K filing. The agreement increased the aggregate commitments under the fund’s senior secured revolving credit facility from $1.375 billion to $1.525 billion through the facility’s accordion feature, which allows for expansions under certain conditions._x000D_
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The updated facility includes a multicurrency commitment from Wells Fargo, making it possible for the fund to utilize the facility in various currencies as needed. This increase is part of a broader agreement under which Wells Fargo agreed to independently handle its own credit decisions while aligning with the terms of the existing credit agreement and associated documents. Additionally, an accordion feature within the revolving credit facility has the potential to expand further, up to a maximum commitment of $1.9125 billion.
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