MSC Income Fund has completed a private offering of $150 million in aggregate principal amount of investment-grade senior notes.
The unsecured notes carry a fixed annual interest rate of 6.83%, payable semi-annually, and mature on 30 September 2029.
The financing is being completed through two issuances.
An initial $75 million of notes was issued on 1 September 2026, with the remaining $75 million scheduled for October 2026 subject to customary closing conditions.
Refinancing existing debt
MSC Income intends to use the net proceeds to repay $150 million of outstanding 4.04% Series A Senior Notes due in October 2026.
Pending that repayment, the fund said it intends to reduce borrowings under its revolving credit facilities.
It may subsequently re-borrow under those facilities to fund investments in accordance with its investment strategy, meet operating expenses and satisfy other general obligations.
Private credit and liability management
MSC Income provides debt capital to private companies, including businesses owned by or being acquired by private-equity funds.
Its investments support transactions including leveraged buyouts, recapitalisations, growth financings, refinancings and acquisitions.
The notes offering provides an example of liability management within a private-credit investment vehicle.
For investors evaluating private-credit funds and business development companies, attention is required on both sides of the balance sheet.
Asset selection and underwriting determine the quality of the investment portfolio, while funding costs, maturity profiles, leverage and liquidity influence the economics and resilience of the investment vehicle itself.
The increase from the 4.04% coupon on the notes being refinanced to 6.83% on the new notes also demonstrates why funding costs matter when analysing private-credit platforms.
MSC Income Fund SEC filing and company announcement, 1 September 2026.