By Marisa Wong and Cristal Cody
Los Angeles, April 30 – Franklin BSP Capital Corp. priced $300 million of 7.2% notes due June 15, 2029, according to a press release on Monday evening.
The notes priced with a spread of 280 basis points over Treasuries, according to a market source. Initial price talk was in the Treasuries plus 300 bps area.
The notes may be redeemed in whole or in part at any time at par plus a make-whole premium.
BofA Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC are the bookrunners for the Rule 144A and Regulation S offering.
The company plans to use proceeds to repay debt, to make investments in portfolio companies in accordance with its investment objectives and for general corporate purposes.
The offering is expected to close on May 6.
The closed-end management investment company is based in New York.
| Issuer: | Franklin BSP Capital Corp.
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| Amount: | $300 million
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| Issue: | Notes
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| Maturity: | June 15, 2029
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| Bookrunners: | BofA Securities, Inc., J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC
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| Coupon: | 7.2%
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| Spread: | Treasuries plus 280 bps
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| Call option: | In whole or in part at any time at par plus a make-whole premium
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| Pricing date: | April 29
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| Settlement date: | May 6
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| Distribution: | Rule 144A and Regulation S
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| Initial price talk: | Treasuries plus 300 bps area
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