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Franklin BSP Capital refinances $400 million credit facility
By William Gullotti
Buffalo, N.Y., Oct. 10 – Franklin BSP Capital Corp. along with wholly owned special purpose financing subsidiary FBCC Jupiter Funding, LLC and Franklin BSP Capital Adviser LLC entered into a $400 million revolving credit facility on Oct. 4 with JPMorgan Chase Bank as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.
The transaction refinances Franklin’s $400 million revolver, entered with another wholly owned special purpose financing subsidiary, FBCC Funding I, LLC, and Franklin BSP Capital Adviser in 2021, with Morgan Stanley Asset Funding, Inc. as administrative agent.
The new revolving facility provides for borrowings through Oct. 4, 2026, with any outstanding balance maturing Oct. 4, 2027.
Borrowings under the facility bear interest at SOFR plus a margin of 275 basis points, inclusive of the administrative agent fee. Jupiter is further subject to a 75 bps non-usage fee, which is also inclusive of the administrative agent fee.
The revolver is secured by a first priority security interest in substantially all of Jupiter’s assets, including its investment portfolio. Jupiter’s obligations under the facility are non-recourse to its parent company.
The filing did not indicate if the refinanced facility was terminated at signing.
U.S. Bank, NA is the collateral agent, account bank and collateral custodian for the refinanced revolver.
U.S. Bank is also acting as securities intermediary for U.S. Bank Trust Co., NA as collateral administrator and collateral agent for the new facility.
The business development company is based in New York.
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