What is the potential impact on the Fund's credit rating or borrowing capacity, if any, once the new capital is received?

The infusion of capital from the rights offering will most likely strengthen the Fund’s balance‑sheet metrics and therefore give rating agencies a more favorable view of its creditworthiness. By adding a sizable cash tranche— the preliminary results show that the Offer has attracted a strong subscription—​the Fund can lower its net‑debt‑to‑assets and net‑debt‑to‑EBITDA ratios, which are key quantitative triggers in most rating models. If the proceeds are used primarily to retire higher‑cost senior debt or to fund growth projects with stable, contract‑linked cash‑flows, the credit rating could be either affirmed or upgraded in the next rating cycle, and the Fund’s borrowing capacity (i.e., the amount it can borrow at a given spread) should expand. Rating agencies tend to reward such deleveraging with a “rating uplift” or, at a minimum, a “rating watch” that reduces the likelihood of a downgrade and may lower the spread on any future debt issuance.

From a trading perspective, the market should price in a modest credit‑rating premium for the stock, especially if the fund’s leverage falls below a key covenant threshold (e.g., 3.0× net debt/EBITDA). Expect the price to hold above the rights‑offering subscription price and to be supported by any positive rating commentary. Traders can look for a breakout above the recent high‑low range (≈$12.80–$13.30) on volume as a signal that investors are already pricing in the improved credit profile. A short‑term “buy‑on‑breakout” strategy with a stop‑loss just below the offering price, combined with a watch on rating agency releases (Moody’s, S&P, Fitch) within the next 30‑60 days, offers a concrete, risk‑managed play. If the rating is upgraded or the fund announces a new debt issuance at a tighter spread, the stock could see an additional 2‑4 % rally, providing a short‑to‑mid‑term upside target. Conversely, if the capital is used for aggressive expansion without sufficient cash‑flow coverage, the rating may remain unchanged and any upside could be limited. Monitoring the fund’s next quarterly filing for actual debt‑paydown figures will be crucial for confirming the credit‑rating impact.