On October 15, 2026, AB Private Credit Investors Corporation (the “Fund”) reported the entry into a material definitive agreement. The registrant’s indirect wholly-owned subsidiary, ABPCI Private Funding V LLC (the “Issuer”), executed an Indenture and Security Agreement with U.S. Bank Trust Company, National Association, as collateral trustee. In connection with this agreement, the Issuer also entered into a Class A Credit Agreement with KeyBank National Association and U.S. Bank Trust Company, among other parties.
Under the Class A Credit Agreement, the Issuer borrowed $195,000,000 in Class A-T Term Loans on the closing date. Additionally, the Issuer may borrow up to $30,000,000 in Class A-D Delayed Drawdown Term Loans on up to two business days after the closing date and until February 12, 2027. Borrowings under the facility bear interest at a rate equal to the three-month standard overnight financing rate plus a 1.74% per annum spread. Interest is payable quarterly in arrears, and a commitment fee of 0.20% per annum accrues on the undrawn amount of the Class A-D Loans.
The Indenture provides for the issuance of Subordinated Delayed Drawdown Notes to the Depositor in a maximum principal amount of up to $105,900,000. On the closing date, the Issuer drew $93,600,000 on these notes. These notes do not bear interest, are unsecured, and are subordinated in right of payment to the Class A-T and Class A-D Loans. Concurrent with each borrowing of Class A-D Loans, the Issuer draws on the Subordinated Notes to maintain a senior advance rate of no more than 68%.
The Indenture also provides for the issuance of Class A Senior Secured Floating Rate Notes, which would be pari passu with the loans. However, no Class A Notes were issued as of the closing date. The aggregate amount of loans and notes outstanding may not exceed $225,000,000 unless increased per the terms of the agreements. All obligations under the Indenture and Credit Agreement are secured by all assets held by the Issuer and mature on September 30, 2035, or upon certain acceleration events.
The filing details the administrative structure of the facility, including a Securities Account Control Agreement with U.S. Bank National Association as custodian, a Collateral Management Agreement with AB Private Credit Investors LLC as collateral manager, and a Collateral Administration Agreement with U.S. Bank Trust Company as administrator. The Collateral Manager has waived fees for its services, while the Issuer will pay customary fees to the Collateral Administrator on a quarterly basis. The Fund has contributed and sold assets to the Depositor and the Issuer pursuant to a Master Transfer Agreement and expects to continue doing so.
