Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

4. Debt

On June 3, 2022, Blackrock Private Credit Fund Leverage I, LLC (the “Borrower”), a Delaware limited liability company and wholly-owned subsidiary of the Fund, established a $200 million combined revolving credit and term loan facility with PNC Bank, National Association as facility agent (the “Credit Facility”). The Credit Facility matures on June 3, 2032 and generally bears interest at three-month Term SOFR, plus (a) 1.55% if the aggregate balance of Middle Market Loans is less than or equal to 25%, (b) 1.65% if the aggregate balance of Middle Market Loans is above 25% and less than or equal to 50%, (c) 1.80% if the aggregate balance of Middle Market Loans is above 50% and less than or equal to 75%, or (d) 1.90% if the aggregate balance of Middle Market Loans is above 75%. The Credit Facility also accrues commitment fees on any undrawn amounts at an annual rate of 0.50%, or 0.35% for the period from the closing date of the Credit Facility to the three-month anniversary of the closing date. The Credit Facility is secured by all of the assets held by the Borrower. Under the Credit Facility, the Borrower has made certain customary representations and warranties, and is required to comply with various covenants, reporting requirements and other customary requirements for similar credit facilities. The Credit Facility includes usual and customary events of default for credit facilities of this nature. Borrowings under the Credit Facility are considered borrowings of the Fund for purposes of complying with the asset coverage requirements under the 1940 Act.

At March 31, 2023, there was $93.0 million of debt outstanding under the Credit Facility, with a weighted-average interest rate, excluding fees of 6.42%. Outstanding debt is carried at amortized cost in the Consolidated Statement of Assets and Liabilities. As of March 31, 2023, the estimated fair value of the outstanding debt approximated their carrying value.

Total expenses related to debt included the following:

	Three Months Ended March 31, 2023
Interest expense	$	1,428,671
Amortization of deferred debt issuance costs		46,533
Commitment fees		135,986
Total	$	1,611,190