Mount Logan Capital and its wholly-owned subsidiary, MLC US Holdings, as borrower, entered into an amendment to its existing credit agreement dated August 20 to increase the term loan available pursuant to the credit agreement by $4.5 million for a total facility size of up to $28.5 million. The primary use of proceeds will be to help seed the recently launched Opportunistic Credit Interval Fund (OCIF), an interval fund managed by Mount Logan Management, a wholly-owned subsidiary of Mount Logan. OCIF pursues an all-weather credit strategy for the high net worth retail channel in the United States with an investment mandate focused on special situations and private capital.

Ted Goldthorpe, CEO and chairman of Mount Logan, noted, “We are excited about the launch of OCIF and its intended growth trajectory over the coming years as we believe there is significant demand to provide accredited investors access to our capabilities and deep expertise in opportunistic credit. The retail channel represents a major area of growth in the asset management industry and we are pleased to bring an institutional quality product to the U.S. market. Lastly, we are appreciative of our supportive financing partner for helping fund the growth of this new fund.”

The outstanding principal amount and accrued but unpaid interest in respect of the credit facility will become payable on August 20, 2027, subject to certain adjustments pursuant to the credit agreement.

Other intended uses of the amounts borrowed pursuant to the first amendment are for general corporate purposes, as well as costs and expenses incurred in connection with the credit facility.

As collateral security for its obligations under the credit agreement, MLC US Holdings has granted in favor of the lenders a security interest in all of the assets of MLC US Holdings. In addition, the company has guaranteed the obligations of MLC US Holdings under the credit agreement in favor of the lenders.