
Morgan Stanley Direct Lending Fund Raises $103M for IPO
Morgan Stanley Direct Lending Fund (MSDL), a business development company managed by MS Capital Partners Adviser Inc., announced it priced its initial public offering of 5 million shares of its common stock at $20.67 per share, raising $103.35 million.
MSDL’s shares have begun trading on The New York Stock Exchange as of Wednesday. MSDL also granted the underwriters an option to purchase up to an additional 750,000 shares to cover overallotments, if any.
The shares are expected to be delivered on or about January 26, 2024.
The fund invests mostly in riskier bonds, such as those issued by middle-market corporations or private equity groups seeking to finance acquisitions. MSDL intends to use the funds to repay a portion of its debt.
Morgan Stanley, JP Morgan and Wells Fargo are among the underwriters for the offering.