Cliffwater fund completes $760m secured notes offering
Cliffwater’s corporate lending fund has completed a $760m (£599.7m) investment grade secured notes offering, to expand its portfolio of mid-market loans.
This is Cliffwater’s fifth privately-placed senior secured notes offering. The notes are secured by the fund’s assets, and rank pari passu with its senior secured revolving credit facility. The maturity dates are staggered from three to 12 years.
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As of 30 November 2023, Cliffwater’s corporate lending fund held over $14.8bn in net assets, up from approximately $12bn at the end of June 2023.
It will use the proceeds from this most recent offering to support continued portfolio growth in line with the fund’s pace of equity inflows.
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The Cliffwater corporate lending fund was launched in Delaware in March 2019. It specialises in corporate middle market lending, with a remit to invest and co-invest “in a diverse set of loans originated through multiple high-calibre institutional lenders”.
Its aim is to deliver consistent floating-rate income and principal protection through all environments with low price volatility.
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