Material Agreement - Form 8-K

Item 1.01 Entry into a Material Definitive Agreement

On May 2, 2024, Fidelity Private Credit Fund BSPV LLC (the "BSPV"), as Borrower, a subsidiary of Fidelity Private Credit Fund (the "Fund"), entered into a revolving credit facility (the "Facility") pursuant to a Revolving Credit and Security Agreement (the "Agreement"), with BNP Paribas, as administrative agent, Virtus Group, LP, as collateral administrator, State Street Bank and Trust Company, as collateral agent, the Fund, as equityholder and investment advisor, and the lenders party thereto (the "Lenders"). The Agreement is effective as of May 2, 2024.

The BSPV may borrow amounts in U.S. dollars or certain other permitted currencies under the Facility. Advances under the Facility drawn in U.S. dollars will initially bear interest at a per annum rate equal to 2.55% plus the Term SOFR Rate as of any date of determination during the revolving period and 3.05% plus the Term SOFR Rate as of any date of determination during the amortization period. Advances under the Facility drawn in currencies other than U.S. dollars will initially bear interest at a per annum rate equal to the applicable benchmark, each as specified in the Agreement, plus 2.55% during the revolving period and 3.05% during the amortization period. The BSPV will also pay a sliding fee of up to the Applicable Margin on average daily undrawn amounts under the Facility.

The principal amount of the Facility is $250,000,000, subject to availability under the borrowing base, which is based on the BSPV's portfolio investments and other outstanding indebtedness, subject to the satisfaction of certain conditions.

Proceeds of the Facility may be used for general corporate purposes, including, without limitation, repaying outstanding indebtedness, making distributions, contributions and investments, and acquisition and funding, and such other uses as permitted under the Agreement.

The Facility is secured by a first-priority interest in substantially all of the portfolio investments held by the BSPV, subject to certain exceptions.

The availability period under the Facility will terminate on May 2, 2027 (the "Facility Termination Date") and the Facility will mature on May 2, 2029 (the "Maturity Date"). During the period from the Facility Termination Date to the Maturity Date, the Fund will be obligated to make amortization prepayments as described in the Agreement.

The Agreement includes customary affirmative and negative covenants, including financial covenants requiring the BSPV to maintain a minimum interest coverage ratio, and certain limitations on the incurrence of additional indebtedness and liens, as well as usual and customary events of default for revolving credit facilities of this nature.

The description above is only a summary of the material provisions of the Agreement and is qualified in its entirety by reference to a copy of the Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.