MSDL issues $350M unsecured notes at 6.100%, swaps to floating to match loan portfolio

Filed July 9, 2026 · Period ending July 9, 2026 · ~1 min read

Key Changes

• high

  Issued $350M of 6.100% unsecured notes due 2031, receiving net proceeds of $341.6M after fees to repay secured debt, improving debt structure by replacing secured with unsecured obligations.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• high

  Entered interest rate swaps on full $350M notional, receiving fixed 6.100% and paying SOFR + 2.1945%, converting to floating-rate to hedge against rate risk and match predominantly floating-rate loan portfolio.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
• medium

  Notes callable at company's option before June 2031 at par plus make-whole premium, at par thereafter; rank senior to subordinated debt but junior to secured debt and subsidiary obligations.

  Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →