Crescent Capital BDC ups credit line, refinances notes

Crescent Capital BDC, Inc. updated its borrowing and note financing structure.

Rhea-AI Filing Summary

Crescent Capital BDC, Inc. updated its borrowing and note financing structure. A subsidiary entered a Ninth Amendment with Wells Fargo that increases its credit facility size from $400.0 million to $500.0 million, slightly raises the interest spread from 1.95% to 2.00%, extends the reinvestment period to May 21, 2029 and the stated maturity to May 21, 2031, and reduces the non-usage fee from 0.50% to 0.35%.

The company also completed previously announced private note issuances, including $50.0 million of Tranche C senior unsecured notes bearing 5.97% interest and maturing on May 22, 2029. In connection with these actions, on May 22, 2026 the company repaid $111.6 million of FCRX 5.00% unsecured notes in full, signaling a shift in its debt mix and maturity profile.

Insights

Credit and capital-structure analyst

Crescent Capital BDC reshapes its debt stack, modestly extending maturities and tweaking borrowing costs without a clear thesis-changing impact.

The amendment to the Wells Fargo Loan and Security Agreement lifts the facility capacity from $400.0 million to $500.0 million and pushes the reinvestment and maturity dates out to 2029 and 2031. This provides more committed borrowing headroom and a longer runway, albeit at a slightly higher spread of 2.00% versus 1.95%.

At the same time, the company layered in Tranche A, B and C senior unsecured notes, including $50.0 million of Tranche C at a fixed 5.97% coupon due May 22, 2029, while retiring $111.6 million of 5.00% unsecured notes. The net effect is a rebalanced maturity ladder with somewhat higher fixed-rate costs but improved liquidity and duration, which appears strategically routine rather than transformational.

8-K Event Classification

3 items: 1.01, 8.01, 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 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

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

Key Figures

Facility size increase: $400.0M to $500.0M Interest spread: 1.95% to 2.00% Non-usage fee: 0.50% to 0.35% +5 more

8 metrics

Facility size increase $400.0M to $500.0M Wells Fargo Loan and Security Agreement amendment

Interest spread 1.95% to 2.00% Amended credit facility pricing

Non-usage fee 0.50% to 0.35% Undrawn facility fee reduction

Tranche C Notes size $50.0M Senior unsecured notes due May 22, 2029

Tranche C coupon 5.97% Fixed interest rate on Tranche C Notes

Repaid unsecured notes $111.6M at 5.00% FCRX unsecured notes repaid May 22, 2026

Tranche A Notes capacity $67.5M Senior unsecured notes due February 13, 2029

Tranche B Notes capacity $67.5M Senior unsecured notes due February 13, 2031

Key Terms

Loan and Security Agreement, reinvestment period, non-usage fee, senior unsecured notes, +1 more

5 terms

Loan and Security Agreement financial

"entered into the Ninth Amendment to Loan and Security Agreement"

A loan and security agreement is a legal contract that sets out the amount, repayment schedule, interest and the rules a borrower must follow, and it names specific assets a lender can claim if the borrower fails to pay. Think of it like a mortgage or car loan where the lender holds a claim on collateral until the debt is repaid. Investors care because it determines a company’s repayment priorities, borrowing costs, operational limits and how easily creditors can seize assets in distress, all of which affect equity value and credit risk.

reinvestment period financial

"extended the last day of the reinvestment period to May 21, 2029"

A reinvestment period is a set span of time during which profits, dividends, loan repayments or sale proceeds must be put back into the same fund, project or company instead of being paid out to investors. It matters because it changes when and how investors receive cash and how quickly their investment can grow or be redeployed—like a garden where harvested seeds are required to be planted again for several seasons before you can take crops out for personal use.

non-usage fee financial

"reduced the non-usage fee from 0.50% to 0.35%"

senior unsecured notes financial

"aggregate principal amount of senior unsecured notes due February 13, 2029"

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.

Tranche C Notes financial

"The Tranche C Notes have a fixed interest rate of 5.97%"

FAQ

What changes did Crescent Capital BDC (CCAP) make to its Wells Fargo credit facility?

Crescent Capital BDC increased its Wells Fargo credit facility from $400.0 million to $500.0 million. It also extended the reinvestment period to May 21, 2029 and the stated maturity to May 21, 2031, while modestly raising the spread and lowering the non-usage fee.

How were the pricing terms on Crescent Capital BDC’s credit facility adjusted?

The interest spread on the facility was increased from 1.95% to 2.00%. At the same time, the non-usage fee was reduced from 0.50% to 0.35%, slightly shifting the cost balance between drawn and undrawn amounts on the credit line.

What are the key terms of Crescent Capital BDC’s Tranche C senior unsecured notes?

The Tranche C Notes total $50.0 million in aggregate principal and carry a fixed interest rate of 5.97%. They mature on May 22, 2029, unless redeemed, purchased or prepaid earlier by Crescent Capital BDC or its affiliates under the note terms.

When were Crescent Capital BDC’s Tranche A, B, and C notes issued?

Crescent Capital BDC issued the Tranche A and Tranche B senior unsecured notes on February 16, 2026. The Tranche C Notes were subsequently issued on May 22, 2026, completing the additional note tranches contemplated under the Fourth Supplement to the Note Purchase Agreement.

What debt did Crescent Capital BDC repay in connection with these note issuances?

On May 22, 2026, Crescent Capital BDC repaid $111.6 million of FCRX 5.00% unsecured notes in full. This repayment coincided with the issuance of Tranche C Notes and reflects a refinancing move that reshapes the company’s unsecured debt and maturity profile.

How much total capacity do the new note tranches provide Crescent Capital BDC?

The Fourth Supplement provides for up to $67.5 million of Tranche A Notes, $67.5 million of Tranche B Notes, and $50.0 million of Tranche C Notes. In total, this structure allows up to $185.0 million in additional senior unsecured notes across the three tranches.

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

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Accepted by SEC EDGAR 05/27/2026 - 04:07 PM Learn about SEC filing dates

false 0001633336 0001633336 2026-05-21 2026-05-21

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): May 27, 2026 (May 21, 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

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 May 21, 2026, Crescent Capital BDC Funding, LLC, a wholly owned subsidiary of Crescent Capital BDC, Inc. (the “Company”), entered into the Ninth Amendment to Loan and Security Agreement (the “Amendment”), which amends the Loan and Security Agreement, dated as of March 28, 2016, by and among the Company, as collateral manager, Crescent Capital BDC Funding, LLC, as borrower, and Wells Fargo Bank, National Association, as administrative agent, collateral agent, and lender. The Amendment, among other things, (a) increased the spread from 1.95% to 2.00%, and (b) increased the facility size from $400.0 to $500.0 million, (c) extended the last day of the reinvestment period to May 21, 2029, and the stated maturity date to May 21, 2031, and (d) reduced the non-usage fee from 0.50% to 0.35%.

The description above is only a summary of the material provisions of the Amendment and is qualified in its entirety by reference to a copy of the Amendment, which is filed as Exhibit 10.1 to this current report on Form 8-K.

Item 8.01. Other Events.

As previously announced on November 3, 2025, 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 (c) $50.0 million in aggregate principal amount of senior unsecured notes due May 22, 2029 (the “Tranche C Notes”). The issuance of the Tranche A Notes and Tranche B Notes occurred on February 16, 2026.

The issuance of the Tranche C Notes occurred on May 22, 2026. 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.

On May 22, 2026, the Company repaid $111.6 million of the FCRX 5.00% unsecured notes in full.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Number		Description
10.1		Ninth Amendment to Loan and Security Agreement, dated May 21, 2026, by and among the Company, Crescent Capital BDC Funding, LLC and Wells Fargo Bank, National Association.
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: May 27, 2026				By:		/s/ Gerhard Lombard
				Name:		Gerhard Lombard
				Title:		Chief Financial Officer

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 183.8 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 18.3 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.4 KB