Cliffwater Corporate Lending Fund (CCLFX), a diversified interval fund focused on consistent income through corporate middle market direct lending, has closed its fifth privately-placed Senior Secured Notes offering, totalling $760m 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 primarily to support continued portfolio growth coinciding with the fund’s pace of equity inflows. As of 30 November, 2023 CCLFX was over $14.8bn in net assets, up from approximately $12.0bn as of 30 June, 2023.
MUFG Securities Americas Inc and US 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.
