Crescent Private Credit Income Corp., a non-traded perpetual life business development company, declared special distributions for its Class I and Class S common shares. The company reported a regular monthly distribution and a special distribution set at $0.16 per share gross and $0.06 per share, respectively, for both Class I and S.
Shareholders of record as of the close of business on Wednesday, April 30, will be eligible for these distributions, which are slated for payment around May 28, 2025.
Launched by alternative credit investment firm Crescent Capital Group in fall 2023, Crescent Private Credit Income Corp. reported a net asset value of $26.88 per share for Class I shares as of March 31, 2025.
The fund’s aggregate NAV stood at approximately $187.9 million as of the same date. The was a month-over-month decrease of 0.42% from Feb. 28’s $188.7 million.
As of March 31, the fair value of its portfolio investments was approximately $308 million, with principal debt outstanding of $157.8 million, resulting in a debt to equity ratio of approximately 0.84x.
The BDC is currently engaged in a continuous public offering, aiming to raise up to $2.5 billion through the sale of its common stock, which includes Class I, Class S, and Class D common shares. It has raised capital through private placements, selling unregistered shares exempt from the Securities Act of 1933. As of April 28, 2025, the registered offering has generated $83.93 million, while the private placement has brought in $161.72 million, totaling $245.65 million. The figures reported did not include shares issued through the fund’s distribution reinvestment plan.
Additionally, at the end of March, the company established a $100 million secured credit facility called the JPM Funding Facility II with CPCI Funding SPV II, its wholly-owned subsidiary. This facility, managed by the fund as servicer, has a reinvestment period ending Sept. 30, 2027, and matures on March 31, 2028. It also allows for potential expansion up to $200 million under certain conditions. Simultaneously, the fund and its subsidiary entered into a contribution agreement where the fund will sell or contribute loans and other debt securities to the subsidiary. The subsidiary’s obligations under the credit facility are secured by these assets. The interest rate is based on a benchmark plus a margin of 1.35%, and the subsidiary will also pay fees, including a commitment fee on undrawn amounts. According to the BDC, proceeds from the credit facility will be used to purchase loans or other investments and, under certain conditions, for general corporate purposes, including dividend payments from the subsidiary to the fund.
As previously reported by AltsWire, 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.
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