Business Context and Reporting Period
Company: Carlyle Secured Lending, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: October 7, 2025
Event: Entry into a Material Definitive Agreement and creation of a direct financial obligation.
Key Financial Metrics and Transaction Details
- Debt Issuance: $300,000,000 aggregate principal amount of 5.750% Notes due 2031.
- Interest Rate: 5.750% per annum.
- Interest Payment Dates: February 15 and August 15, commencing February 15, 2026.
- Maturity Date: February 15, 2031.
- Security Status: Direct unsecured obligations ranking pari passu with existing unsubordinated unsecured indebtedness.
- Redemption: Redeemable at the Company's option at prices set forth in the Indenture.
Material Changes and Use of Proceeds
The Company intends to use the net proceeds from the offering for the following purposes:
- Repayment of outstanding debt, specifically the Senior Secured Revolving Credit Agreement (Credit Facility) dated March 21, 2014 (as amended).
- Funding new investment opportunities.
- General corporate purposes.
Note: The filing references a concurrent 8-K filed on October 7, 2025, regarding the repayment of all outstanding borrowings under the senior secured revolving credit facility using the Credit Facility.
Management Commentary, Risks, and Covenants
- Change of Control Repurchase Event: The Company is generally required to offer to repurchase the Notes at 100% of the principal amount plus accrued interest if a "change of control repurchase event" occurs. This is defined as a change of control combined with a below investment-grade rating by Fitch Ratings, Inc., and Moody's Investor Service.
- Covenants: The Indenture includes covenants requiring compliance with Section 18(a)(1)(A) of the Investment Company Act of 1940 (as modified) and provisions to provide financial information to Note holders if the Company ceases to be subject to Exchange Act reporting requirements.
- Trustee: U.S. Bank Trust Company, National Association (successor to The Bank of New York Mellon Trust Company, N.A.).
Investor Verification Checklist
- Verify the exact amount of debt repaid from the Senior Secured Revolving Credit Facility using the proceeds.
- Review the full text of the Third Supplemental Indenture (Exhibit 4.4) for specific redemption price schedules and limitations on covenants.
- Confirm the Company's current credit ratings with Fitch and Moody's to assess the risk of a change of control repurchase event.
- Check the concurrent Form 8-K filed on October 7, 2025, for details on the repayment of the Credit Facility.