Cliffwater Corporate Lending Fund (CCLFX), a diversified interval fund focused on consistent income through corporate middle market direct lending, closed its seventh privately-placed senior secured notes offering, totaling $1.370 billion in principal amount. The notes are secured by CCLFX’s assets, rank pari passu with its senior secured revolving credit facility and have staggered maturity dates from three to 12 years.
The fund intends to use the net proceeds from this offering to support continued growth in the balance sheet coinciding with the fund’s pace of equity inflows. As of July 31, 2024, CCLFX has over $21.2 billion in net assets, up from approximately $15.6 billion as of Dec. 31, 2023.
“A transaction of this size and scale that also reduces our overall cost of financing is a testament to CCLFX’s overall team and its ability to tap the debt capital markets in a differentiated way,” Daniel Lepore, managing director and head of liability management at Cliffwater, said. :We thank each of our lender partners for their strong and continued support.”
“Earlier this summer, CCLFX celebrated two milestones — five years of performance and reaching $20 billion in net assets,” Stephen Nesbitt, portfolio manager of CCLFX and CEO of Cliffwater, said. “This facility is another important accomplishment for the Fund to support continued growth and provide enhanced exposure to direct lending.”
MUFG Securities Americas Inc. and U.S. Bancorp Investments, Inc. acted as the Lead Placement Agents in connection with the private placement of the Notes, with PNC Capital Markets LLC, SMBC Nikko Securities America, Inc., Regions Securities LLC, and Synovus Securities, Inc. as Placement Agents.
