Crescent Capital BDC (NASDAQ: CCAP) issues Series 2025A notes and enters SOFR-linked swaps

Rhea-AI Filing Summary

Crescent Capital BDC, Inc. has issued two new series of senior unsecured notes and arranged a third under a note purchase supplement. The supplement covers up to $67.5 million of Tranche A notes due February 13, 2029, $67.5 million of Tranche B notes due February 13, 2031, and $50.0 million of Tranche C notes due May 22, 2029.

The Tranche A notes carry a fixed rate of 5.87% and the Tranche B notes a fixed rate of 6.20%. The Tranche A and Tranche B notes were issued on February 13, 2026, while issuance of the Tranche C notes is expected on May 22, 2026, subject to customary closing conditions.

To manage interest exposure, the company entered into interest rate swaps on each of Tranche A and Tranche B for notional amounts of $67.5 million. For Tranche A it will receive fixed 5.87% and pay three month term SOFR plus 2.5325% through February 13, 2029. For Tranche B it will receive fixed 6.20% and pay three month term SOFR plus 2.8050% through February 13, 2031.

Insights

Credit & capital structure analyst

Crescent Capital BDC adds long-dated unsecured debt with swaps to floating.

Crescent Capital BDC is expanding its funding through the Series 2025A senior unsecured notes, totaling up to $185.0 million across three tranches. Tranche A and B are already issued with maturities in 2029 and 2031, giving the company longer-term fixed-rate debt.

The company simultaneously entered interest rate swaps on Tranche A and B, each with a notional of $67.5 million. Under these swaps, it receives the notes’ fixed coupons and pays three month term SOFR plus spreads of 2.5325% and 2.8050%, effectively turning those borrowings into floating-rate obligations.

This structure shifts interest-rate sensitivity toward short-term SOFR, while keeping the legal maturities of the notes in place. Actual impact on earnings and risk will depend on future SOFR levels and how the expected Tranche C issuance on May 22, 2026 is ultimately used in the business.

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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): March 3, 2026

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 8.01. Other Events.

As previously announced on November 3, 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 issuance of the Tranche A Notes and Tranche B Notes occurred on February 13, 2026. 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 issuance of the Tranche C notes is expected to occur on May 22, 2026, subject to customary closing conditions.

In connection with the issuance of the Tranche A Notes and Tranche B Notes, the Company entered into an interest rate swap to swap from a fixed rate of interest to a floating rate of interest. With respect to the Tranche A Notes, the notional amount of the interest rate swap is $67.5 million, pursuant to which the Company will receive fixed rate interest at 5.87% and pay floating rate interest based on three month term SOFR plus 2.5325%. Such interest rate swap matures on February 13, 2029. With respect to the Tranche B Notes, the notional amount of the interest rate swap is $67.5 million, pursuant to which the Company will receive a fixed rate interest at 6.20% and pay floating rate interest based on three month term SOFR plus 2.8050%. Such interest rate swap matures on February 13, 2031.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibits

Number		Description
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: March 9, 2026				By:		/s/ Gerhard Lombard
				Name:		Gerhard Lombard
				Title:		Chief Financial Officer

FAQ

What new notes did Crescent Capital BDC (CCAP) issue under the Series 2025A Notes?

Crescent Capital BDC issued Tranche A and Tranche B senior unsecured notes and arranged a Tranche C tranche. Tranche A and B are each $67.5 million, due in 2029 and 2031 respectively, while Tranche C is up to $50.0 million due May 22, 2029.

What are the interest rates on Crescent Capital BDC’s new Tranche A and Tranche B notes?

Tranche A bears a fixed rate of 5.87% and Tranche B 6.20%. Both are senior unsecured notes issued on February 13, 2026, with Tranche A maturing in 2029 and Tranche B maturing in 2031, unless redeemed or prepaid earlier under their terms.

When is the Tranche C issuance for Crescent Capital BDC (CCAP) expected to close?

The Tranche C notes issuance is expected to occur on May 22, 2026. These senior unsecured notes will have an aggregate principal amount of up to $50.0 million and mature on May 22, 2029, with closing subject to customary conditions described in the agreement.

How did Crescent Capital BDC hedge interest rate risk on the new Series 2025A notes?

Crescent Capital BDC entered interest rate swaps on Tranche A and B. For each $67.5 million notional swap, it receives the fixed coupon and pays floating interest based on three month term SOFR plus 2.5325% for Tranche A and 2.8050% for Tranche B.

What are the maturities of Crescent Capital BDC’s Series 2025A Tranche A, B, and C notes?

Tranche A matures February 13, 2029, Tranche B February 13, 2031, and Tranche C May 22, 2029. These dates define when principal is due, unless the notes are redeemed, purchased, or prepaid earlier in line with their governing terms.

Are the new Series 2025A notes issued by Crescent Capital BDC secured or unsecured?

The Series 2025A Tranche A, Tranche B, and Tranche C notes are senior unsecured obligations. They are governed by a Fourth Supplement to a note purchase agreement between Crescent Capital BDC and qualified institutional investors named as Series 2025A Additional Purchasers.

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