# EDGAR Filing Document

**Accession Number:** 0001860424
**File Stem:** 0001193125-25-162569
**Filing Date:** 2025-7
**Character Count:** 10328
**Document Hash:** f1f5a6c254674108a3d1d3f5a76ffef5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-162569.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001193125-25-162569

**CONFORMED SUBMISSION TYPE**: SC TO-I/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Onex Direct Lending BDC Fund
- **CENTRAL INDEX KEY:** 0001860424

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93864
- **FILM NUMBER:** 251140499

**BUSINESS ADDRESS:**
- **STREET 1:** 930 SYLVAN AVENUE
- **CITY:** ENGLEWOOD CLIFFS
- **STATE:** NJ
- **ZIP:** 07632
- **BUSINESS PHONE:** (201) 541-2121

**MAIL ADDRESS:**
- **STREET 1:** 930 SYLVAN AVENUE
- **CITY:** ENGLEWOOD CLIFFS
- **STATE:** NJ
- **ZIP:** 07632

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Onex Falcon Direct Lending BDC Fund
- **DATE OF NAME CHANGE:** 20210709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Onex Falcon BDC Fund
- **DATE OF NAME CHANGE:** 20210504
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Onex Direct Lending BDC Fund
- **CENTRAL INDEX KEY:** 0001860424

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC TO-I/A

**BUSINESS ADDRESS:**
- **STREET 1:** 930 SYLVAN AVENUE
- **CITY:** ENGLEWOOD CLIFFS
- **STATE:** NJ
- **ZIP:** 07632
- **BUSINESS PHONE:** (201) 541-2121

**MAIL ADDRESS:**
- **STREET 1:** 930 SYLVAN AVENUE
- **CITY:** ENGLEWOOD CLIFFS
- **STATE:** NJ
- **ZIP:** 07632

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Onex Falcon Direct Lending BDC Fund
- **DATE OF NAME CHANGE:** 20210709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Onex Falcon BDC Fund
- **DATE OF NAME CHANGE:** 20210504

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**SCHEDULE TO** 

**(Rule 13e-4)** 

**TENDER OFFER STATEMENT PURSUANT TO SECTION 14(D)(1) OR 13(E)(1)** 

**OF THE SECURITIES EXCHANGE ACT OF 1934** 

**(Amendment No. 1)** 

## Onex Direct Lending BDC Fund
**(Name of Issuer)** 

**Onex Direct Lending BDC Fund** 

**(Name of Person(s) Filing Statement)** 

**Common Shares of Beneficial Interest, Par Value $0.001 Per Share** 

**(Title of Class of Securities)** 

**N/A** 

**(CUSIP Number of Class of Securities)** 

**Zachary Drozd** 

**930 Sylvan Avenue** 

**Englewood Cliffs, NJ 07632** 

**(201) 541-2121** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of the Person(s) Filing Statement)** 

***With a copy to:***

**Rajib Chanda** 

**Steven Grigoriou** 

**Simpson Thacher & Bartlett LLP** 

**900 G Street, N.W.** 

**Washington, DC 20001** 

**July 14, 2025** 

**(Date Tender Offer First Published, Sent or Given to Security Holders)** 

☐ Check the box if the filing relates solely to preliminary communications made before commencement of a tender offer.

Check the appropriate boxes below to designate any transactions to which the statement relates:

☐ third-party tender offer subject to Rule 14d-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ issuer tender offer subject to Rule 13e-4.

☐ going-private transaction subject to Rule 13e-3.

☐ amendment to Schedule 13D under Rule 13d-2.

Check the following box if the filing is a final amendment reporting the results of the tender offer: ☐

------

This Amendment No. 1 amends and supplements the Issuer Tender Offer Statement on Schedule TO originally filed on July 14, 2025 (the "Statement") by Onex Direct Lending BDC Fund (the "Company") in connection with an offer by the Company (the "Offer") to purchase up to 514,769 of its outstanding common shares of beneficial interest (the "Shares") at a price equal to the net asset value per Share as of June 30, 2025, upon the terms and subject to the conditions set forth in the Offer to Purchase filed as Exhibit (a)(1)(i) to the Statement.

This Amendment No. 1 is being filed pursuant to Rule 13e-4(c)(1) of the Securities Exchange Act of 1934, as amended, to file a written communication relating to the Offer. Item 12 of the Statement is hereby amended and supplemented by adding the following exhibit to state that the Company's net asset value per Share as of June 30, 2025 is $22.48:

(a)(1)(iv) Updated Letter to Shareholders

Except as specifically provided herein, the information contained in the Statement, as amended, and the Transmittal Letter remains unchanged and this Amendment does not modify any of the information previously reported on the Statement, as amended, or the Transmittal Letter.

------

**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.

---

| | |
|:---|:---|
| ONEX DIRECT LENDING BDC FUND | ONEX DIRECT LENDING BDC FUND |
| By: | /s/ Zachary Drozd |
| Name: | Zachary Drozd |
| Title: | General Counsel and Chief Compliance Officer |

---

Dated: July 22, 2025

------

EXHIBIT INDEX

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| | |
|:---|:---|
| EXHIBIT |  |
|  (a)(1)(iv) | [Updated Letter to Shareholders](d33169dex99a1iv.htm) |
|  EX-FILING FEES | [Calculation of Filing Fee Tables](d33169dexfilingfees.htm) |

---

## Ex-99.(A)(1)(Iv)

**Exhibit (a)(1)(iv)** 

**ONEX DIRECT LENDING BDC FUND** 

**930 SYLVAN AVENUE** 

**ENGLEWOOD CLIFFS, NJ 07632** 

Dear Shareholder:

As previously announced, the Board of Trustees (the "Board") of Onex Direct Lending BDC Fund (the "Company") authorized a tender offer for up to 5%, or up to 514,769, of the Company's outstanding common shares of beneficial interest, par value $0.001 per share (the "Shares"). The Company previously commenced an offer to purchase Shares for cash at a price equal to the Company's net asset value ("NAV") per Share as of June 30, 2025, upon the terms and conditions set forth in the enclosed Offer to Purchase and related Letter of Transmittal (which together constitute the "Offer"). On July 22, 2025, the Company announced that its June 30, 2025 NAV per Share is $22.48.

The purpose of this Offer is to provide liquidity to Shareholders, as contemplated by and in accordance with the procedures set forth in the Company's registration statement on Form 10. The deadline for participating in the Offer is 11:59 p.m., New York City time, August 8, 2025, or such later date to which the Offer is extended. Shareholders who choose to participate in the Offer can expect to receive payment for Shares tendered and accepted in the manner and at such time as set forth in the Offer.

**If you do not wish to sell your Shares during this tender offer period, simply disregard this notice.** 

**No action is required if you do not wish to sell any portion of your Shares at this time.** 

If, after carefully evaluating all information set forth in the Offer, you wish to tender Shares pursuant to the Offer, please either follow the instructions contained in the Offer or, if your Shares are held of record in the name of a broker, dealer, commercial bank, trust company or other nominee, contact such firm to effect the tender for you. Shareholders are urged to consult their investment and tax advisors and make their own decisions whether to tender any Shares.

As of June 30, 2025, 10,295,385 Shares were issued and outstanding. The Company's June 30, 2025 NAV per Share is $22.48. During the Offer, Shareholders may contact U.S. Bank Global Fund Services, the Company's Information Agent, toll free at 1-888-484-1944, between 8:00 a.m. and 5:00 p.m. Central time, Monday through Friday, to obtain the current NAV for the Shares.

None of the Company, its Board or its Investment Adviser, Onex Credit Advisor, LLC, is making any recommendation to any Shareholder whether to tender or refrain from tendering Shares in the Offer. The Company and the Board urge each Shareholder to read and evaluate the Offer and related materials carefully and make his or her own decision.

Questions, requests for assistance and requests for additional copies of this Offer and related materials should be directed to U.S. Bank Global Fund Services, the Company's Information Agent, toll free at 1-888-484-1944.

---

| |
|:---|
| Sincerely, |
| /s/ Ronnie Jaber |
| Name: Ronnie Jaber |
| Title: President and Chief Executive Officer |

---

ONEX DIRECT LENDING BDC FUND

July 22, 2025

## Ex-Filing

**EX-Filing Fees** 

**Calculation of Filing Fee Tables** 

**SC TO-I/A** 

(Form Type)

**Onex Direct Lending BDC Fund** 

(Exact Name of Registrant as Specified in its Charter)

**Table 1 – Transaction Value** 

---

| | | | |
|:---|:---|:---|:---|
|  | Transaction<br>Valuation | Fee<br> Rate | Amount of<br>Filing Fee |
| &nbsp;&nbsp;&nbsp; Fees to Be Paid | $11777915<sup>(a)</sup> | $153.10 | $1803.20<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Fees Previously Paid |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total Transaction Valuation** | $11777915<sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; **Total Fees Due for Filing** |  |  | $1803.20 |
| &nbsp;&nbsp;&nbsp; **Total Fees Previously Paid** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total Fee Offsets** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Fee Due** |  |  | $1803.20 |

---

(a) The transaction value is calculated as the estimated aggregate maximum purchase price for Shares. The fee of
$1,803.20 was paid in connection with the filing of the Schedule TO-I by Onex Direct Lending BDC Fund (File No. 005-93864) on July 14, 2025.

(b) Calculated at $153.10 per $1,000,000 of the Transaction Valuation, pursuant to Rule 0-11 of the Securities Exchange Act of 1934, as amended.

**Table 2 – Fee Offset Claims and Sources** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Registrant<br> or Filer<br> Name | Form or<br> Filing Type | File<br> Number | Initial<br> Filing<br> Date | Filing Date | Fee<br> Offset<br> Claimed | Fee<br> Paid<br> with<br>Fee<br> Offset<br> Source |
| &nbsp;&nbsp;&nbsp; Fee Offset<br> Claims | Onex Direct <br>Lending <br>BDC Fund | SC TO-I | 005-93864 | July 14, 2025 |  | $1803.20 |  |
| &nbsp;&nbsp;&nbsp; Fee Offset<br> Sources |  |  |  |  | July 14, 2025 |  | $1803.20 |

---