Morgan Stanley Direct Lending Fund Prices Public Offering of $350.0 Million 6.100% Notes Due 2031

About this update from Morgan Stanley Direct Lending Fund

NEW YORK, June 29, 2026--(BUSINESS WIRE)--Morgan Stanley Direct Lending Fund (NYSE: MSDL) ("MSDL" or the "Company") today announced that it has priced an offering of $350.0 million aggregate principal amount of 6.100% notes due 2031 (the "Notes"). The Notes will mature on July 15, 2031 and may be redeemed in whole or in part at the Company's option at any time at par plus a "make-whole" premium, provided that the Notes may be redeemed at par one month prior to their maturity. The offering is expected to close on or about July 9, 2026, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds of this offering to repay outstanding secured indebtedness under our financing arrangements. Truist Securities, Inc., BNP Paribas Securities Corp., MUFG Securities Americas Inc., RBC Capital Markets, LLC, SMBC Nikko Securities America, Inc., ING Financial Markets LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Regions Securities LLC, Wells Fargo Securities, LLC and Barclays Capital Inc. are acting as joint book-running managers for this offering. CIBC World Markets Corp., Citizens JMP Securities, LLC, Keefe, Bruyette & Woods, Inc., Lucid Capital Markets, LLC, Synovus Securities, Inc., UBS Securities LLC, R. Seelaus & Co., LLC and Samuel A. Ramirez & Company, Inc. are acting as co-managers for this offering. Investors are advised to carefully consider the investment objectives, risks and charges and expenses of MSDL before investing. The pricing term sheet dated June 29, 2026, the preliminary prospectus supplement dated June 29, 2026, and the accompanying prospectus dated November 26, 2024, each of which has been filed with the U.S. Securities and Exchange Commission (the "SEC"), contain this and other information about MSDL and should be read carefully before investing. The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of MSDL and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted. A shelf registration statement relating to the Notes is on file with the SEC and i...

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