CCAP sets fixed-rate private notes across 2029–2031 maturities

Rhea-AI Filing Summary

Crescent Capital BDC, Inc. entered into a Fourth Supplement to its Note Purchase Agreement to issue senior unsecured notes in three tranches: up to $67.5 million Tranche A at 5.87% due February 13, 2029; up to $67.5 million Tranche B at 6.20% due February 13, 2031; and $50.0 million Tranche C at 5.97% due May 22, 2029.

Interest is payable semiannually on February 13 and August 13, starting February 13, 2026. Issuances will occur in two closings on or before May 22, 2026, with Tranches A and B expected on or before February 16, 2026 and Tranche C on May 22, 2026, subject to customary closing conditions. The notes are general unsecured obligations ranking pari passu with other unsecured unsubordinated debt and include a change of control offer to repay at par. The company intends to use net proceeds to repay certain indebtedness and for general corporate purposes, with potential re-borrowing under its debt facilities.

Insights

Credit Markets Analyst

Private senior notes add fixed-rate funding across 2029–2031 maturities.

Crescent Capital BDC is layering in fixed-rate debt via privately placed senior unsecured notes under its existing agreement: Tranche A at 5.87% due Feb 13, 2029, Tranche B at 6.20% due Feb 13, 2031, and Tranche C at 5.97% due May 22, 2029. Interest is semiannual beginning Feb 13, 2026.

The notes include customary covenants for BDCs—minimum shareholders’ equity, asset coverage, and interest coverage—plus events of default and a change-of-control par offer. These terms are typical for unsecured private placements and rank pari passu with existing unsecured unsubordinated debt.

Proceeds are intended to repay certain indebtedness and for general corporate purposes, with the ability to re-borrow under debt facilities. Closing is in two steps on or before May 22, 2026, with Tranches A/B expected by Feb 16, 2026 and Tranche C on May 22, 2026.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

FAQ

What did Crescent Capital BDC (CCAP) announce in this 8-K?

It entered a Fourth Supplement to issue senior unsecured notes in three tranches maturing in 2029 and 2031 with fixed rates between 5.87% and 6.20%.

What are the sizes, rates, and maturities of CCAP’s new notes?

Tranche A: $67.5M at 5.87% due Feb 13, 2029; Tranche B: $67.5M at 6.20% due Feb 13, 2031; Tranche C: $50.0M at 5.97% due May 22, 2029.

When will interest be paid on CCAP’s Series 2025A Notes?

Semiannually on February 13 and August 13, starting February 13, 2026.

When are the expected closings for the new CCAP notes?

Two closings on or before May 22, 2026; Tranches A and B on or before Feb 16, 2026, and Tranche C on May 22, 2026, subject to customary conditions.

How will CCAP use the proceeds from these notes?

It intends to repay certain indebtedness and for general corporate purposes, with potential re-borrowing under its debt facilities.

What is the ranking and change-of-control treatment for the notes?

They are general unsecured, pari passu with other unsecured unsubordinated debt, and include a par offer to repay upon certain change in control events.

Were these CCAP notes registered with the SEC?

No. They were offered in reliance on Section 4(a)(2) and are not registered under the Securities Act.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →

Accepted by SEC EDGAR 11/03/2025 - 04:18 PM Learn about SEC filing dates

false0001633336CA 0001633336 2025-10-30 2025-10-30 0001633336 us-gaap:CommonStockMember 2025-10-30 2025-10-30 0001633336 us-gaap:DeferrableNotesMember 2025-10-30 2025-10-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): November 3, 2025 (October 30, 2025)

Crescent Capital BDC, Inc.

(Exact name of registrant as specified in its charter)

Maryland		814-01132		47-3162282
(State or Other Jurisdiction of Incorporation or Organization)		(Commission File Number)		(I.R.S. Employer Identification No.)
11100 Santa Monica Blvd., Suite 2000, Los Angeles, CA				90025
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 235-5900

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act:

Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, $0.001 par value per share		CCAP		The Nasdaq Stock Market LLC
5.00% Notes due 2026		FCRX		The New York Stock Exchange

Common Stock, par value $0.001 per share

(Title of class)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

On October 30, 2025, Crescent Capital BDC, Inc., a Maryland corporation (the “Company”), entered into a Fourth Supplement to Note Purchase Agreement (the “Fourth Supplement”) by and among the Company and the qualified institutional investors named therein (the “Series 2025A Additional Purchasers”) governing the issuance of up to (a) $67.5 million in aggregate principal amount of senior unsecured notes due February 13, 2029 (the “Tranche A Notes”), (b) $67.5 million in aggregate principal amount of senior unsecured notes due February 13, 2031 (the “Tranche B Notes”) and $50.0 million in aggregate principal amount of senior unsecured notes due May 22, 2029 (the “Tranche C Notes” and, together with the Tranche A and Tranche B Notes, the “Series 2025A Notes”). The Fourth Supplement supplements the Note Purchase Agreement, dated July 30, 2020 by and among the Company and the purchasers party thereto (as amended prior to the date hereof, the “Master Note Purchase Agreement” and together with the Fourth Supplement, the “Note Purchase Agreement”) pursuant to which the Company previously issued certain senior unsecured notes. The Tranche A Notes have a fixed interest rate of 5.87% and will be due on February 13, 2029 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The Tranche B Notes have a fixed interest rate of 6.20% and will be due on February 13, 2031 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. The Tranche C Notes have a fixed interest rate of 5.97% and will be due on May 22, 2029 unless redeemed, purchased or prepaid prior to such date by the Company or its affiliates in accordance with their terms. Interest on the Series 2025A Notes will be payable semiannually, on the 13th day of February and August in each year, commencing with February 13, 2026. The Series 2025A Notes will be issued in two closing on or before May 22, 2026. The issuance of the Tranche A Notes and Tranche B notes is expected to occur on or before February 16, 2026. The issuance of the Tranche C notes is expected to occur on May 22, 2026, subject to customary closing conditions. In addition, the Company will be obligated to offer to repay the Series 2025A Notes at par if certain change in control events occur. The Series 2025A Notes are general unsecured obligations of the Company that rank pari passu with all outstanding and future unsecured unsubordinated indebtedness issued by the Company.

The Company intends to use the net proceeds to repay certain indebtedness, which may include repaying indebtedness outstanding under its debt facilities, and for other general corporate purposes. The Company may re-borrow under its debt facilities for general corporate purposes, which include investing in portfolio companies in accordance with its investment objective.

The Note Purchase Agreement contains customary terms and conditions for senior unsecured notes issued in a private placement, including, without limitation, affirmative and negative covenants such as information reporting, maintenance of the Company’s status as a business development company within the meaning of the Investment Company Act of 1940, as amended, and a regulated investment company under the Internal Revenue Code of 1986, as amended, minimum shareholders’ equity, minimum asset coverage ratio, minimum interest coverage ratio and prohibitions on certain fundamental changes of the Company. The Note Purchase Agreement also contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of the Company or certain significant subsidiaries, certain judgements and orders, and certain events of bankruptcy.

The Series 2025A Notes were offered in reliance on Section 4(a)(2) of Securities Act of 1933, as amended (the “Securities Act”). The Series 2024A Notes have not been and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

The information on this Current Report on Form 8-K shall not constitute an offer to sell or a solicitation of an offer to purchase the Series 2025A Notes or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

The description above is only a summary of the material provisions of the Fourth Supplement and is qualified in its entirety by references to the copy of the Fourth Supplement which is filed as Exhibit 10.1 to this current report on Form 8-K and the copy of the Master Note Purchase Agreement which was filed as Exhibit 10.1 to the current report on Form 8-K, as filed with the SEC on July 30, 2020, each of which is incorporated herein by reference thereto.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure set forth above under Item 1.01 is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

Exhibit Number		Description
10.1		Fourth Supplement to Note Purchase Agreement, dated October 30, 2025, by and among Crescent Capital BDC, Inc. and the Purchasers signatory thereto.†
10.2		Master Note Purchase Agreement, dated July 30, 2020, by and among the Company and the Purchasers signatory thereto (incorporated by reference to Exhibit 10.1 to the Company’s current report on Form 8-K filed on July 30, 2020).
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

† Certain schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish a copy of such schedules or exhibits, or any section thereof, to the SEC upon request.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

				CRESCENT CAPITAL BDC, INC.
Date: November 3, 2025				By:		/s/ Gerhard Lombard
				Name:		Gerhard Lombard
				Title:		Chief Financial Officer