Morgan Stanley Direct Lending Fund Redeems $275 Million of 7.55% Series A Senior Notes

On June 16, 2025, Morgan Stanley Direct Lending Fund (the "Company") completed a significant debt redemption, redeeming $275,000,000 in aggregate principal amount of the 7.55% Series A Senior Notes due 2025. This redemption was made in accordance with the Master Note Purchase Agreement, dated September 13, 2022, between the Company and the noteholders. As a result, the Company has removed this substantial debt from its balance sheet, eliminating the associated interest payments.

Key Takeaways:

• The redemption of $275,000,000 in 7.55% Series A Senior Notes due 2025, removes this debt from Morgan Stanley Direct Lending Fund's balance sheet, eliminating associated interest payments.
• The redemption was made in accordance with the Master Note Purchase Agreement, dated September 13, 2022, between the Company and the noteholders.
• The Notes were redeemed at 100% of their principal amount, plus accrued and unpaid interest, up to the Redemption Date.
• This significant debt reduction could enhance the Fund's financial flexibility and potentially improve its overall financial performance.
• Morgan Stanley Direct Lending Fund has reduced its debt burden, improving its ability to invest in future opportunities.
• The redemption demonstrates the Fund's proactive approach to managing its debt and enhancing its financial health.

Statistics:

• $275,000,000: The aggregate principal amount of the 7.55% Series A Senior Notes due 2025 redeemed by Morgan Stanley Direct Lending Fund.
• 7.55%: The interest rate on the redeemed Notes.
• 2025: The original maturity date of the redeemed Notes.
• 100%: The redemption price of the Notes, plus accrued and unpaid interest.

Sources:

*c) 1995-2025 Cybernet Data Systems, Inc.*

*Morgan Stanley Direct Lending Fund, Form 8-K filing (cited as the source for the redemption information)*