Crescent Capital BDC (CCAP) fully retires $50M 7.54% notes due 2026
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Crescent Capital BDC, Inc. prepaid its 7.54% senior unsecured notes ahead of maturity. The company paid approximately $51.6 million, covering the $50.0 million aggregate principal amount plus accrued and unpaid interest, to retire notes that were due on July 28, 2026. After this transaction, none of these notes remain outstanding, meaning this specific debt obligation has been fully eliminated.
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Insights
Crescent Capital BDC fully retires a $50M note issue early, simplifying its debt stack.
Crescent Capital BDC, Inc. prepaid $50.0 million of 7.54% senior unsecured notes that were scheduled to mature on July 28, 2026. The total payment of about $51.6 million included both principal and accrued interest.
Eliminating this note issue removes a 7.54% fixed-rate liability from the balance sheet. The economic impact depends on how this prepayment is funded and any replacement financing. Subsequent filings may provide more detail on overall leverage, interest expense, and funding mix after this prepayment.
8-K Event Classification
Item 8.01 — Other Events
1 item
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Key Figures
Prepaid principal: $50.0 million
Total prepayment amount: $51.6 million
Interest rate on notes: 7.54%
+1 more
4 metrics
Prepaid principal
$50.0 million
Aggregate principal amount of 7.54% senior unsecured notes
Total prepayment amount
$51.6 million
Principal plus accrued and unpaid interest through June 29, 2026
Interest rate on notes
7.54%
Coupon on senior unsecured notes retired early
Original maturity date
July 28, 2026
Scheduled due date of prepaid notes
Key Terms
senior unsecured notes, aggregate principal amount, Master Note Purchase Agreement, accrued and unpaid interest
4 terms
senior unsecured notes financial
"7.54% senior unsecured notes due July 28, 2026 (the “Notes”)"
Senior unsecured notes are a type of loan a company borrows from investors, promising to pay back with interest. They are called "unsecured" because they aren’t backed by specific assets like buildings or equipment, but "senior" because they are paid back before other debts if the company gets into trouble. Investors see them as a relatively safer way for companies to raise money.
aggregate principal amount financial
"prepay $50.0 million in aggregate principal amount of its issued and outstanding 7.54% senior unsecured notes"
The aggregate principal amount is the total amount of money borrowed through a bond or loan that the borrower promises to repay. It’s like the original price tag on a loan or bond, showing how much money is involved in the deal. This number matters because it indicates the size of the debt and helps investors understand the scale of the borrowing.
Master Note Purchase Agreement financial
"pursuant to the terms of the Master Note Purchase Agreement, dated July 30, 2020"
A master note purchase agreement is a standing contract that sets the rules for buying and selling debt notes between an issuer and one or more investors, covering how future note sales will be conducted, the basic payment and default terms, and the rights of each party. Think of it as a reusable order form that spells out who gets paid, when, and what happens if payments stop; investors care because it defines repayment priority, protections, and the practical risks and liquidity of the notes they buy.
accrued and unpaid interest financial
"consisting of the remaining principal amount of the Notes plus accrued and unpaid interest through the prepayment date"
Accrued and unpaid interest is the interest that has built up on a loan or debt but hasn't been paid yet. It's like owing your friend money for a favor over time—you're expected to pay it later, even though you haven't paid it yet. This matters because it shows how much you owe beyond the original amount borrowed.
FAQ
What debt did Crescent Capital BDC (CCAP) prepay on June 29, 2026?
Crescent Capital BDC prepaid its 7.54% senior unsecured notes with an aggregate principal amount of $50.0 million. These notes were issued under a Master Note Purchase Agreement and had an original maturity date of July 28, 2026.
How much did Crescent Capital BDC (CCAP) pay to retire its notes?
The company paid approximately $51.6 million to retire the notes. This payment covered the $50.0 million principal plus accrued and unpaid interest through the prepayment date of June 29, 2026.
What was the interest rate on Crescent Capital BDC’s prepaid notes?
The prepaid notes carried a fixed interest rate of 7.54%. By repaying these senior unsecured notes early, Crescent Capital BDC removed this specific 7.54% borrowing from its capital structure ahead of the original July 28, 2026 maturity date.
Do any of Crescent Capital BDC’s 7.54% senior unsecured notes remain outstanding?
No, none of these notes remain outstanding. After Crescent Capital BDC paid approximately $51.6 million in principal and accrued interest, the entire $50.0 million aggregate principal amount of the 7.54% notes was fully retired.
Under what agreement were Crescent Capital BDC’s prepaid notes issued?
The notes were issued under a Master Note Purchase Agreement dated July 30, 2020. This agreement was later amended and supplemented in February 2021 and May 2023 with additional supplements among Crescent Capital BDC and the purchaser group.