Crescent Private Credit Income Corp. Greatly Expands JPM Funding Facility
Crescent Private Credit Income Corp., a non-traded perpetual life business development company, has entered into a third amendment to its loan and security agreement, originally dated Dec. 8, 2023, with JPMorgan Chase Bank, National Association, and other parties. This amendment significantly expands the fund’s borrowing capacity and reduces its financing costs, providing greater flexibility and efficiency for its investment activities.
The amended agreement, referred to as the JPM Funding Facility, sees a substantial increase in the facility size from $150 million to $375 million.
In addition to the increased capacity, the amendment also includes a favorable adjustment to the interest rate charged on borrowings. The applicable margin has been decreased from 2.25% to 2.13% in each case over an applicable benchmark such as term secured overnight financing rate.
The JPM Funding Facility remains subject to various covenants and leverage restrictions, including those contained in the Investment Company Act of 1940, as amended, ensuring prudent financial management and compliance.
The parties to the amendment include the BDC, as servicer; CPCI Funding SPV, LLC, a wholly owned subsidiary of the fund, as borrower; JPMorgan Chase Bank, National Association, as lender and administrative agent; U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator; and U.S. Bank National Association, as securities intermediary.
This strategic amendment to the JPM Funding Facility underscores Crescent Private Credit Income Corp.’s commitment to optimizing its capital structure and enhancing its capacity to generate returns for its shareholders.
As the company did in the prior month, as reported by AltsWire, the BDC 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 open of business on May 31, 2025, were eligible for these distributions, which will be paid around June 27.
Launched by alternative credit investment firm Crescent Capital Group in fall 2023, Crescent Private Credit Income Corp. reported a net asset value of $26.76 per share for Class I and Class S shares as of April 30.
The fund’s aggregate NAV stood at approximately $252.3 million as of the same date. The was a month-over-month increase of 34.27% from March 31’s $187.9 million.
As of April 30, the fair value of its portfolio investments was approximately $358.1 million and it had principal debt outstanding of $134.2 million, resulting in a debt to equity ratio of approximately 0.53x.
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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