Crescent Private Credit BDC Reports Nearly 0.7% Total NAV Increase

Crescent Private Credit Income Corp., a non-traded perpetual-life business development company, had an aggregate net asset value of approximately $161.3 million as of July 31, 2024, a 0.69% increase compared to the previous month’s $160.2 million.

The BDC, launched by alternative credit investment firm Crescent Capital Group in fall 2023, declared a monthly NAV per share for its common stock for the month ended July 31. Class I shares were valued at $26.89, a 0.22% decrease from the previous month’s $26.95.

The BDC also declared regular and special distributions for its Class I common shares of common stock in the following amounts: $0.16 gross distribution and $0.07 special distributions for a net distribution of $0.23.

The distributions are payable to shareholders of record as of Aug. 31 and will be paid on or about Sept. 27. The August 2024 distributions will be paid in cash or reinvested in Class I shares for shareholders participating in the fund’s distribution reinvestment plan.

At the close of July, the BDC said the fair value of its portfolio investments was approximately $258.2 million and it had principal debt outstanding of $105.6 million, resulting in a debt-to-equity ratio of approximately 0.65x.

As previously reported by The DI Wire, the BDC seeks to deliver credit expertise to investors by providing access to a diversified portfolio consisting primarily of sponsor-backed, directly originated assets – including debt securities and related equity investments – made to or issued by U.S. middle-market companies. It focuses on investing in companies with annual net income before net interest expense, income tax expense, depreciation, and amortization between $35 million and $120 million, although the BDC said it may invest in larger or smaller companies.

It may also make investments in syndicated loans and other liquid credit opportunities, including in publicly traded debt instruments, for cash management purposes while also presenting an opportunity for attractive investment returns.

The BDC also announced that, on Aug. 1, 2024, it held the first closing in its public offering on a continuous basis of up to $2.5 billion in shares of the fund’s common stock. In connection with the closing, the BDC received approximately $7.4 million in subscription payments from a third-party unaffiliated investor and issued approximately 274,000 Class I Common Shares at a purchase price equal to $26.89.

Furthermore, the BDC announced a modification to its lending agreement with J.P. Morgan Chase Bank. Among other things, this new amendment provides for a decrease in the interest rate charged on the JPM funding facility from an applicable margin of 2.6% to 2.25%. It also increased the commitment fee the BDC is required to pay on unused credit from 0.3% to 0.5%, for the initial ramp-up period from Dec. 8, 2023, to Sept. 8, 2024, and thereafter from 0.55% to 0.75%. Additionally, it eliminated the 0.2% administrative agency fee the BDC was required to pay on the JPM facility commitment.

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