Post-Merger John Hancock Comvest BDC Assumes $250M JPMorgan Facility

John Hancock Comvest Private Income Fund has taken over Manulife Private Credit Fund’s credit facility of up to $250 million with JPMorgan Chase Bank after the two funds completed their merger.

The nontraded business development company is managed by Comvest Credit Managers LLC. It assumed the obligations under the facility, which Manulife Private Credit Fund opened with JPMorgan Chase Bank as administrative agent in March 2024. The facility carries an interest rate of the term secured overnight financing rate plus 2% and matures in November 2029. As of June 30, $158.4 million was outstanding at a weighted-average rate of 5.69%.

The final exchange ratio for the merger has not yet been disclosed. It will be set on a net-asset-value-for-net-asset-value basis once both advisers agree on closing values for the two funds. Based on June 30 values, the funds had estimated the ratio at about 0.82.

The fund declared a September dividend of $0.1807 per Class I share, an annualized yield of 8.64%, the company said. That compares with $0.1871, or 8.96%, for August and $0.1864, or 8.92%, for July.

As of Aug. 31, before the merger, Class I NAV was $25.11 per share, up from $25.06 at July 31. Aggregate NAV was $515.1 million and the investment portfolio had a fair value of $948.9 million. Debt-to-equity was about 0.91x, up from 0.88x a month earlier.

The fund had raised $517.4 million as of its Sept. 1 subscription date, little changed since July. It is offering up to $2 billion in shares on a continuous basis.

AltsWire previously reported the merger’s completion on Sept. 30, which created a fund with about $1.3 billion in total assets.

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