a 30-day option to purchase up to an additional 750,000 shares of Common Stock at the initial public offering price, less underwriting discounts and commissions.
The offering is expected to close on January 28, 2024, subject to customary closing conditions.
MSDL is a newly organized, non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. MSDL is focused on providing customized, direct lending solutions primarily to U.S. middle-market companies. MSDL intends to primarily invest in secured senior and unitranche loans to support sponsored and non-sponsored acquisitions, refinancings, growth initiatives, and recapitalizations.
This offering represents an important milestone for MSDL as it looks to expand and grow its direct lending fund. The fund’s focus on providing customized, direct lending solutions to middle-market companies is expected to meet the demand for flexible and tailored financing options in the market.
MSDL believes that its experienced investment team, disciplined credit underwriting process, and broad sourcing network will provide it with a competitive advantage in sourcing and evaluating investment opportunities. The team at MSDL has a deep understanding of the middle-market lending space and is led by seasoned investment professionals with extensive experience in direct lending and credit underwriting.
The offering of MSDL’s Common Stock will allow investors to gain exposure to the middle-market lending space through a diversified portfolio of loans to companies in various industries and sectors. This offering presents an opportunity for investors seeking income and potential capital appreciation through exposure to private debt securities.
The underwriters for the offering are Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC, and Wells Fargo Securities. Morgan Stanley & Co. LLC is the lead book-running manager for the offering.
In conclusion, the pricing of MSDL’s initial public offering is a significant step in the fund’s growth and expansion. The fund’s focus on providing customized, direct lending solutions to middle-market companies is expected to meet the demand for flexible and tailored financing options in the market. With a seasoned investment team and a disciplined credit underwriting process, MSDL is well-positioned to capitalize on investment opportunities in the middle-market lending space. This offering represents an opportunity for investors seeking exposure to private debt securities and potential investment returns.
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