First Eagle Private Credit Fund (the "Fund") disclosed an amendment to its senior secured credit facility on October 1, 2026. The amendment, known as the Fourth Amendment, was executed by the Fund’s wholly-owned financing subsidiary, First Eagle Private Credit Fund SPV, LLC, acting as the borrower.
The agreement, originally dated between the Subsidiary, the Fund, FEPC Fund Servicer LLC, and Morgan Stanley Senior Funding, Inc., was modified to adjust several financial terms. The applicable margin on outstanding advances was reduced from 2.55% per annum to 2.25% per annum during the revolving period and from 3.05% per annum to 2.75% per annum during the amortization period. Additionally, the commitment termination date was extended to October 1, 2027, and the stated maturity date was extended to October 1, 2029.
Other changes included a reduction in the advance rate for recurring revenue loans from 60.0% to 50.0%, a decrease in the unused fee rate from 0.60% to 0.50% per annum, and the addition of a 1.0% prepayment premium for termination or reduction of commitments prior to April 1, 2027. The facility was also narrowed to only allow Dollars and Canadian Dollars, requiring underlying borrowers to be organized in the United States or Canada.
Operational and governance provisions were also updated. The amendment added a new event of default if the Fund ceases to be a business development company within the meaning of the Investment Company Act of 1940. It also introduced a new concentration limitation for loans to obligors in the software, IT services, or health care technology industries. Furthermore, voting protections for minority lenders were expanded, including the requirement for all lenders to consent on certain types of amendments.
