UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE TO
TENDER OFFER STATEMENT UNDER SECTION 14(D)(1) OR 13(E)(1)
OF THE SECURITIES EXCHANGE ACT OF 1934
Vista Credit Strategic Lending Corp.
(Name of Subject Company (Issuer))
Vista Credit Strategic Lending Corp.
(Name of Person(s) Filing Statement)
Class I Shares of Common Stock, par value $0.01 per share
(Title of Class of Securities)
92839L107 and U9224Y103
(CUSIP Number of Class of Securities)
Class D Shares of Common Stock, par value $0.01 per share
(Title of Class of Securities)
92839L 206 and U9227Y 100
(CUSIP Number of Class of Securities)
Class S Shares of Common Stock, par value $0.01 per share
(Title of Class of Securities)
92839L 305 and U9227Y 118
(CUSIP Number of Class of Securities)
Ken Burke
General Counsel
Vista Credit Strategic Lending Corp.
50 Hudson Yards, Floor 77
New York, NY 10001
212-814-9100
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications on Behalf of the Filing Persons)
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COPIES TO: |
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Monica J. Shilling, P.C. Kirkland & Ellis LLP 2049 Century Park East, 37th Floor Los Angeles, California 90067 (310) 552-4200 |
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Nicole M. Runyan, P.C. Kirkland & Ellis LLP 601 Lexington Avenue New York, New York 10022 (212) 446-4800 |
September 24, 2025
(Date Tender Offer First Published, Sent or Given to Security Holders)
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Check the box if the filing relates solely to preliminary communications made before commencement of a tender offer. |
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Check the appropriate boxes below to designate any transactions to which the statement relates: |
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third-party tender offer subject to Rule 14d-1. |
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issuer tender offer subject to Rule 13e-4. |
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going-private transaction subject to Rule 13e-3. |
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amendment to Schedule 13D under Rule 13d-2. |
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Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐ |
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If applicable, check the appropriate box(es) below to designate the appropriate rule provision(s) relied upon: |
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Rule 13e-4(i) (Cross-Border Issuer Tender Offer) |
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Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) |
Item 1. Summary Term Sheet.
Reference is made to the Summary Term Sheet of the Offer to Purchase (as defined below) that is attached hereto as Exhibit (a)(1)(ii) and is hereby incorporated by reference.
Item 2. Subject Company Information.
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(a) |
The name of the issuer is Vista Credit Strategic Lending Corp. (the “Company”). The Company is a closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, the Company has elected to be treated, and expects to qualify annually, as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. The Company is organized as a Maryland corporation. The principal executive office of the Company is located at 50 Hudson Yards, Floor 77, New York, NY 10001 and the telephone number is (212) 804-9100. |
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(b) |
The title of the securities that are the subject of the offer to purchase and the related Letter of Transmittal (“Offer to Purchase” and the tender offer made thereby, the “Offer”) are Class I shares of common stock, par value $0.01 per share ("Class I Shares"), Class D shares of common stock, par value $0.01 per share ("Class D Shares"), and Class S shares of common stock, par value $0.01 per share ("Class S Shares" and together with Class I Shares and Class D Shares, the "Shares"), or portions thereof. As of the close of business on August 31, 2025, there were 26,010,625.623 Class I Shares outstanding, no Class D Shares outstanding and 3,138,621.254 Class S Shares outstanding. Subject to the conditions set forth in the Offer to Purchase, the Company will purchase up to 5.0% of the Company’s outstanding Shares that are tendered by holders of the Company’s Shares (“Stockholders”) and not withdrawn as described in the Offer to Purchase (the “Offer Amount”). The Shares subject to the Offer represent approximately 5.0% of the Company’s Shares outstanding as of August 31, 2025. |
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(c) |
Shares are not traded in any market. |
Item 3. Identity and Background of Filing Person.
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(a) |
The Company is tendering for its own Shares. The information required by this Item is set forth in Item 2(a) above. Vista Credit BDC Management, L.P. (the “Adviser”) serves as the investment adviser for the Company. The Adviser is located at 50 Hudson Yards, Floor 77, New York, NY 10001 and its telephone number is (212) 804-9100. The members of the Company’s Board of Directors (the “Board”) are Greg Galligan, David Flannery, Sheila Finnerty, Olivia Kirtley and Stephen Riddick (each, a “Director”). The Chief Executive Officer and President is Greg Galligan, the General Counsel, Chief Compliance Officer and Secretary is Kenneth Burke, the Chief Financial Officer and Treasurer is Ross Teune and the Vice Presidents are David Flannery and Brendan Renehan. The Directors and the executive officers of the Company may be reached at the Company’s business address and phone number set forth in Item 2(a) above. |
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(b)-(c) |
Not applicable. |
Item 4. Terms of the Transaction.
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(a) (1)(i) |
Subject to the conditions set forth in the Offer to Purchase, the Company will purchase up to 1,457,462.344 Shares that are tendered by Stockholders by 11:59 p.m., Eastern Time, on October 22, 2025, and not withdrawn as described in Item 4(a)(1)(vi). |
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(ii) |
The purchase price of a Share (or portion thereof) tendered will be its net asset value as of September 30, 2025, or a later date determined by the Company if the Offer is extended (in each case, the “Valuation Date”), upon the terms and subject to the conditions set forth in the Offer to Purchase. Reference is made to the Cover Page, Section 2 “Offer to Purchase and Price” and Section 6 “Purchases and Payment” of the Offer to Purchase, which are incorporated herein by reference. |
Item 5. Past Contracts, Transactions, Negotiations and Agreements with Respect to the Issuer’s Securities.
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(a)-(d) |
Not applicable. |
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(e) |
The Board has the discretion to determine whether the Company will purchase Shares from Stockholders from time to time pursuant to written tenders. The Adviser expects that it will recommend to the Board that the Company purchase Shares from Stockholders quarterly. However, the Company is not required to make any such repurchase offers or otherwise conduct tender offers and the Board may amend, suspend or terminate the Company’s share repurchase program at any time. Certain Stockholders have waived voting rights with respect to any Shares owned by such Stockholders in excess of 4.99% of the total number of Shares outstanding. The Company is not aware of any other agreement, arrangement, or understanding relating, directly or indirectly, to the Offer, whether or not legally enforceable, between: (i) the Company, the Adviser, the Company’s executive officers or Directors or any person controlling the Company, the Adviser, the Company’s executive officers or the Board; and (ii) any other person, with respect to any securities of the Company (including any contract, agreement, arrangement, or understanding concerning the transfer or the voting of any such securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss, or the giving or withholding of proxies, consents or authorizations). |
Item 6. Purposes Of This Tender Offer and Plans or Proposals.
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(a)-(b) |
Reference is made to Section 1 “Background and Purpose of the Offer” of the Offer to Purchase, which is incorporated herein by reference. |
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(c) |
Reference is made to Section 8 “Certain Information About the Company” of the Offer to Purchase, which is incorporated herein by reference. Because Shares are not traded in any market, subsections (6), (7), and (8) of Regulation M-A Item 1006(c) are not applicable to the Company. |
Item 7. Source and Amount of Funds or Other Consideration.
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(a)-(d) |
Reference is made to Section 6 “Purchases and Payment” of the Offer to Purchase, which is incorporated herein by reference. |
Item 8. Interest in Securities of the Issuer.
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(a) |
Based on the number of Shares outstanding as of August 31, 2025, the following persons own the number of Shares indicated in the below table. |
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Person |
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Shares |
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Percentage of the Company’s Outstanding Shares |
David Flannery |
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55.719 |
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Greg Galligan |
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51,070.408 |
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Sheila Finnerty |
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— |
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Olivia Kirtley |
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— |
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Stephen Riddick |
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7,260.417 |
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* |
Ross Teune |
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55.719 |
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Kenneth Burke |
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55.719 |
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Brendan Renehan |
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55.719 |
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VHG Capital, L.P. ** |
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759,126.201 |
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2.6% |
* Less than 1%.
** Includes 1,392.967 shares owned by Vista Credit BDC Management, L.P., the Company’s Adviser.
Based on information available to the Company, none of the persons listed above intends to tender any of his or her Shares in the Offer. Addresses for each of the persons listed above are provided in Item 3.
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(b) |
Reference is made to Section 8 “Certain Information About the Company” of the Offer to Purchase, which is incorporated herein by reference. On August 1, 2025, VHG Capital, L.P. transferred 557,525.581 Shares to 296 Stockholders who subscribed for and were issued Shares between November 1, 2024 and June 30, 2025. In addition, during the past 60 days, the Company has issued to the Adviser, Directors and executive officers of the Company an aggregate of approximately 146.131 Shares, including the net impact of Shares issued pursuant to the Company’s distribution reinvestment plan, for net proceeds of approximately $2,873 from the Adviser, any Director or executive officer of the Company, or any person controlling the Company or the Adviser. |
Item 9. Persons/Assets Retained, Employed, Compensated or Used.
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(a) |
No persons have been employed, retained, or are to be compensated by the Company to make solicitations or recommendations in connection with the Offer to Purchase. |
Item 10. Financial Statements.
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(a) |
Not applicable. The consideration offered to security holders consists solely of cash. The Offer is not subject to any financing condition, and the Company is a public reporting company under Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, that files reports electronically on EDGAR. |
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(b) |
Not applicable. |
Item 11. Additional Information.
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(a) |
(1) |
None. |
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(2) |
None. |
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(3) |
Not applicable. |
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(4) |
None. |
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(5) |
None. |
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(c) |
The Offer to Purchase, attached hereto as Exhibit (a)(1)(ii), is incorporated herein by reference in its entirety. |
Item 12. Exhibits.
SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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VISTA CREDIT STRATEGIC LENDING CORP. |
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By: |
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/s/ Gregory Galligan |
Name: |
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Gregory Galligan |
Title: |
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Chief Executive Officer and President |
Dated: September 24, 2025