Morgan Stanley Direct Lending Fund (MSDL): Entry into a Material Definitive Agreement
Morgan Stanley Direct Lending Fund (MSDL) filed an SEC Form 8-K — Entry into a Material Definitive Agreement. EX-4.2 2 d918611dex42.htm EX-4.2 EX-4.2 Exhibit 4.2 FOURTH SUPPLEMENTAL INDENTURE between MORGAN STANLEY DIRECT LENDING FUND and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee DATED AS OF JULY 9, 2026 FOURTH SUPPLEMENTAL INDENTURE THIS FOURTH SUPPLEMENTAL INDENTURE (th
How this was made
The 30-second read
Why it matters
The disclosed action is a capital-structure event: $350M aggregate principal of 6.100% Notes due July 15, 2031, with semiannual interest payments starting January 15, 2027.
Market read
This is a primary disclosure of new unsecured debt terms, which can influence perceived leverage and credit risk for the fund.
What to watch
Traders will want the actual issuance pricing, expected use of proceeds, and any impact on asset coverage and distribution capacity, none of which are included in the excerpt.
Background
The 8-K reports entry into a material definitive agreement via a fourth supplemental indenture with U.S. Bank Trust Company, enabling issuance of a new notes series.
Ticker impact
Morgan Stanley Direct Lending Fund entered a fourth supplemental indenture to issue $350M of 6.100% Notes due 2031.
Likely modest near-term impact, with focus on credit metrics and distribution coverage rather than equity-style upside.
An 8-K indenture supplement is a primary-source disclosure of new debt terms ($350M, 6.100%, maturity 2031). The article does not provide proceeds use, pricing vs. benchmarks, or guidance, limiting precision on equity price reaction.
Market effects
Adds another data point on direct lending funds’ unsecured debt funding, relevant to sector credit spreads and refinancing expectations.
Primarily US credit markets via trustee/indenture mechanics; limited direct regional spillover described.
Low, as the disclosure is US-focused and does not mention cross-border issuance or hedging.
Counterpoint
The debt terms may be routine for the issuer’s capital structure, and without pricing or proceeds details the equity impact could be negligible.
Key entities
- issuerMorgan Stanley Direct Lending Fund
Delaware corporation that entered the supplemental indenture to issue 6.100% Notes due 2031.
- trusteeU.S. Bank Trust Company, National Association
Trustee under the base indenture and fourth supplemental indenture.
