STOCK TITAN

[8-K] CAPITAL SOUTHWEST CORP Reports Material Event

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Form Type
8-K

Capital Southwest Corporation issued and sold $350.0 million aggregate principal amount of 5.950% Notes due 2030 under a Seventh Supplemental Indenture to its base indenture. The Notes pay interest semi-annually on March 18 and September 18 beginning March 18, 2026, mature September 18, 2030, and are redeemable at the company's option prior to August 18, 2030 at par plus a make-whole premium and thereafter at par. The Notes are direct unsecured obligations, rank pari passu with the company’s unsecured, unsubordinated indebtedness, are effectively subordinated to secured debt and structurally subordinated to subsidiaries’ debt. Holders have a change-of-control repurchase right at 100% of principal plus accrued interest. The offering closed September 18, 2025, with net proceeds of approximately $343.6 million, which the company intends to use to redeem its outstanding 7.75% Notes due 2028 and 3.375% Notes due 2026 and to repay portions of indebtedness under its Corporate Credit Facility and/or SPV Credit Facility. The indenture contains covenants requiring compliance with specified provisions of the 1940 Act, subject to exemptions and limitations.

Capital Southwest Corporation ha emesso e venduto titoli con ammontare principale aggregato di 350,0 milioni di dollari di Notes al 5,950% con scadenza nel 2030, ai sensi di un Sette–Supplemento all'Indenture rispetto al contratto base. I Notes pagano interessi semestrali il 18 marzo e il 18 settembre a partire dal 18 marzo 2026, scadono il 18 settembre 2030 e sono rimborsabili a scelta della società prima del 18 agosto 2030 al valore nominale più una premium di make-whole, e successivamente al valore nominale. I Notes sono obbligazioni dirette non garantite, hanno grado pari al debito non garantito e non subordinato della società, sono sostanzialmente subordinati al debito garantito e strutturalmente subordinati al debito delle controllate. I titolari hanno diritto di vendita in caso di cambio di controllo al 100% del capitale più gli interessi maturati. L'offerta si è chiusa il 18 settembre 2025, con proventi netti di circa 343,6 milioni di dollari, che la società intende utilizzare per rimborsare i propri Notes al 7,75% in scadenza nel 2028 e Notes al 3,375% in scadenza nel 2026 e per rimborsare porzioni di indebitamento sotto la Corporate Credit Facility e/o SPV Credit Facility. L'Indenture contiene covenant che richiedono conformità con disposizioni specifiche del 1940 Act, soggette a esenzioni e limitazioni.

Capital Southwest Corporation emitió y vendió bonos con importe principal agregado de 350,0 millones de dólares a un interés del 5,950% con vencimiento en 2030, bajo una Séptima Enmienda Suplementaria al Indenture respecto al contrato base. Los bonos pagan intereses semestrales el 18 de marzo y el 18 de septiembre a partir del 18 de marzo de 2026, vencen el 18 de septiembre de 2030 y son canjeables a elección de la empresa antes del 18 de agosto de 2030 a la par más una prima por make-whole y, a partir de entonces, a la par. Los bonos son obligaciones directas no aseguradas, están al mismo rango que la deuda no asegurada e no subordinada de la empresa, son efectivamente subordinados a la deuda garantizada y estructuralmente subordinados a la deuda de las filiales. Los tenedores tienen derecho de recomprar en un cambio de control al 100% del principal más intereses devengados. La oferta cerró el 18 de septiembre de 2025, con ingresos netos de aproximadamente 343,6 millones de dólares, que la empresa tiene la intención de usar para canjear sus Notes con cupón 7,75% de vencimiento 2028 y Notes con cupón 3,375% de vencimiento 2026, y para pagar porciones de la deuda bajo su Corporate Credit Facility y/o SPV Credit Facility. El indenture contiene covenants que exigen cumplimiento de disposiciones especificadas de la Ley de 1940, sujeto a exenciones y limitaciones.

Capital Southwest Corporation는 2030년 만기의 5.950% Notes를 총액 3억 5천만 달러 규모로 발행·매각했으며, 기본 계약에 대한 제7차 보충 양도서에 따라 발행되었습니다. 이 채권은 2026년 3월 18일부터 3개월 6개월마다 이자를 지급하며, 2030년 9월 18일에 만기합니다. 2030년 8월 18일 이전에는 회사의 선택으로 명목가액에 만기 조정 프리미엄인 makes-whole 프리미엄을 더한 가격으로 상환 가능하고, 그 이후에는 명목가액으로 상환됩니다. 이 채권은 직접적이고 무담보 채무로 간주되며, 회사의 무담보 및 비우선 채무와 동등한 순위를 가지며, 담보부 채무에 실질적으로 종속되고 자회사의 채무에 구조적으로 종속됩니다. 보유자는 지배권 변화 시 원금의 100%와 누적 이자를 합친 금액으로 상환권을 가집니다. 발행은 2025년 9월 18일에 종료되었으며 순이익은 약 3억 4360만 달러로, 회사는 이를 2028년 만기 7.75% 채권과 2026년 만기 3.375% 채권의 상환에 사용하고 Corporate Credit Facility 및/또는 SPV Credit Facility의 일부 부채를 상환할 예정입니다. 이 indenture는 1940 Act의 특정 조항 준수를 요구하는 covenants를 포함하고 있으며, 면제 및 제한 조항이 있습니다.

Capital Southwest Corporation a émis et vendu des obligations d’un montant nominal global de 350,0 millions de dollars à un taux de 5,950% échéant en 2030, sous une Septième Supplémentaire de l'Indenture par rapport à l'Indenture de base. Les obligations portent intérêt semestriellement les 18 mars et 18 septembre à compter du 18 mars 2026, arrivent à échéance le 18 septembre 2030 et peuvent être remboursées à l’option de la société avant le 18 août 2030 à la valeur nominale plus une prime de rachat intégrale (make-whole) et, ensuite, à la valeur nominale. Ce sont des obligations directes non garanties, classées au pair avec la dette non garantie et non subordonnée de la société, elles sont effectivement subordonnées à la dette garantie et structurellement subordonnées à la dette des filiales. Les porteurs disposent d’un droit de rachat en cas de changement de contrôle à 100% du principal plus les intérêts accrus. L’offre a été clôturée le 18 septembre 2025 pour des produits nets d’environ 343,6 millions de dollars, que la société entend utiliser pour racheter ses notes au taux de 7,75% échues en 2028 et ses notes à 3,375% échues en 2026, et pour rembourser des portions de la dette sous la Corporate Credit Facility et/ou SPV Credit Facility. L’Indenture contient des covenants exigeant le respect de dispositions spécifiques du 1940 Act, sous réserve d’exemptions et de limitations.

Capital Southwest Corporation hat Anleihen mit einem Gesamtnennbetrag von 350,0 Mio. USD zu 5,950% fällig 2030 im Rahmen einer siebten Zusatzvereinbarung zur Grundanleihe ausgegeben. Die Anleihen zahlen Zinsen halbjährlich am 18. März und 18. September ab dem 18. März 2026, laufen am 18. September 2030 fällig und sind bis zum 18. August 2030 auf Veranlassung des Unternehmens zum Nennwert zuzüglich einer Make-Whole-Prämie kündbar und danach zum Nennwert. Die Anleihen sind direkte, unbesicherte Verbindlichkeiten, gleichrangig mit dem ungesicherten, nicht nachrangigen Schulden der Gesellschaft, sind praktisch nachrangig gegenüber gesichertem Schulden und strukturell nachrangig gegenüber den Schulden der Tochtergesellschaften. Inhaber haben ein Change-of-Control-Rückkaufrecht zu 100% des Nennbetrags zuzüglich aufgelaufener Zinsen. Die Emission schloss am 18. September 2025 mit Nettoprozenten von ca. 343,6 Mio. USD, wovon das Unternehmen beabsichtigt, seine ausstehenden 7,75% Anleihen fällig 2028 und 3,375% Anleihen fällig 2026 zu tilgen und Teile der Verbindlichkeiten unter der Corporate Credit Facility und/oder SPV Credit Facility zu tilgen. Der Indenture enthält Covenants, die die Einhaltung bestimmter Bestimmungen des 1940 Act vorschreiben, vorbehaltlich Ausnahmen und Beschränkungen.

Capital Southwest Corporation أصدرت وباعت سندات بقيمة اسمية إجمالية قدرها 350.0 مليون دولار بفائدة 5.950% تستحق في 2030 بموجب ملحق سابع للعقد الأساسي. تدفع السندات الفائدة نصف السنوية في 18 مارس و18 سبتمبر ابتداءً من 18 مارس 2026 وتستحق في 18 سبتمبر 2030، ويمكن للشركة استردادها قبل 18 أغسطس 2030 بسعر اسمي إضافة علاوة استرداد كاملة (make-whole)، وبعد ذلك عند السعر الاسمي. السندات هي التزامات مباشرة غير مضمونة، وتتساوى في الرتبة مع ديون الشركة غير المضمونة وغير المراتبة، وهي فعلياً خاضعة للدين المضمون ومهيكلة لخضوعها لدين الشركات التابعة. يحق للحاملين حق شراء عند تغيير سيطرة الشركة بقيمة أصلية كاملة مضافاً إليها الفوائد المتراكمة. أُغلقت الصفقة في 18 سبتمبر 2025 بإيرادات صافية تقدر بنحو 343.6 مليون دولار، وتعتزم الشركة استخدامه لرد سنداتها ذات الفائدة 7.75% المستحقة في 2028 و3.375% المستحقة في 2026 وللسداد أجزاء من الدين بموجب Corporate Credit Facility و/أو SPV Credit Facility. يحتوي العهد الموثق (Indenture) على بنود تتطلب الامتثال لأحكام محددة من قانون 1940، مع استثناءات وتقييدات.

Capital Southwest Corporation 发行并出售总面值为3.5亿美元、票息5.950%、到期日为2030年的票据,依据基准契约之第七次补充契约。票据自2026年3月18日起每半年支付利息,2030年9月18日到期,公司可在2030年8月18日之前按票面金额加完整性溢价(make-whole)赎回;之后按票面金额赎回。票据为直接无担保的义务,与公司无担保、非次级债务同列排名,与有担保债务相比处于实质性从属地位,且在母公司子公司债务层面具结构性从属。持有人在发生控制权变化时,享有以本金100%加应计利息的回购买权。发行于2025年9月18日结束,净收益约为3.436亿美元,公司拟将其用于赎回到期日为2028年的7.75%票据及到期日为2026年的3.375%票据,并偿还Corporate Credit Facility及/或SPV Credit Facility项下的部分债务。契约包含要求遵守1940 Act特定条款的 covenant,但有豁免与限制。

Positive
  • Raised $350.0 million in new unsecured notes, generating approximately $343.6 million net proceeds
  • Proceeds earmarked to redeem outstanding 7.75% Notes due 2028 and 3.375% Notes due 2026 and to repay portions of credit facilities
  • Change-of-control repurchase right provides noteholder protection at 100% of principal plus accrued interest
  • Indenture covenant requires 1940 Act-related compliance and financial reporting to holders if reporting ceases
Negative
  • Notes are unsecured and therefore effectively subordinated to secured indebtedness to the extent of secured assets
  • Structurally subordinated to obligations of subsidiaries, including SPV Credit Facility and SBA-guaranteed debentures
  • Company retains call (make-whole before August 18, 2030), which may limit long-term yield certainty for investors

Insights

TL;DR: Company refinanced debt with $350M 5.95% notes, securing $343.6M net to retire higher- and lower-coupon notes and reduce revolver exposure.

The issuance of $350.0 million of 5.950% notes provides Capital Southwest with net proceeds of approximately $343.6 million to retire specified outstanding notes and repay a portion of credit facilities. Structurally, the new notes are unsecured and rank pari passu with other unsecured indebtedness, while remaining subordinated to secured and subsidiary-level debt. The transaction includes customary change-of-control repurchase rights and covenants tied to sections of the 1940 Act, which may preserve certain investor protections and reporting obligations. From the financing mechanics described, the offering appears intended to reprofile maturities and address funded debt across the capital structure.

TL;DR: Indenture includes 1940 Act-based covenants and reporting commitments; holders retain change-of-control repurchase protections.

The Seventh Supplemental Indenture explicitly requires compliance with specified provisions of the Investment Company Act of 1940 (as modified) and obligates the company to provide financial information to noteholders if Exchange Act reporting ceases, subject to exemptions. These covenant and reporting provisions, together with a clear change-of-control repurchase right, establish contractual protections for noteholders. The notes’ unsecured status and ranking mechanics are clearly described, delineating creditor priority relative to secured obligations and subsidiary indebtedness.

Capital Southwest Corporation ha emesso e venduto titoli con ammontare principale aggregato di 350,0 milioni di dollari di Notes al 5,950% con scadenza nel 2030, ai sensi di un Sette–Supplemento all'Indenture rispetto al contratto base. I Notes pagano interessi semestrali il 18 marzo e il 18 settembre a partire dal 18 marzo 2026, scadono il 18 settembre 2030 e sono rimborsabili a scelta della società prima del 18 agosto 2030 al valore nominale più una premium di make-whole, e successivamente al valore nominale. I Notes sono obbligazioni dirette non garantite, hanno grado pari al debito non garantito e non subordinato della società, sono sostanzialmente subordinati al debito garantito e strutturalmente subordinati al debito delle controllate. I titolari hanno diritto di vendita in caso di cambio di controllo al 100% del capitale più gli interessi maturati. L'offerta si è chiusa il 18 settembre 2025, con proventi netti di circa 343,6 milioni di dollari, che la società intende utilizzare per rimborsare i propri Notes al 7,75% in scadenza nel 2028 e Notes al 3,375% in scadenza nel 2026 e per rimborsare porzioni di indebitamento sotto la Corporate Credit Facility e/o SPV Credit Facility. L'Indenture contiene covenant che richiedono conformità con disposizioni specifiche del 1940 Act, soggette a esenzioni e limitazioni.

Capital Southwest Corporation emitió y vendió bonos con importe principal agregado de 350,0 millones de dólares a un interés del 5,950% con vencimiento en 2030, bajo una Séptima Enmienda Suplementaria al Indenture respecto al contrato base. Los bonos pagan intereses semestrales el 18 de marzo y el 18 de septiembre a partir del 18 de marzo de 2026, vencen el 18 de septiembre de 2030 y son canjeables a elección de la empresa antes del 18 de agosto de 2030 a la par más una prima por make-whole y, a partir de entonces, a la par. Los bonos son obligaciones directas no aseguradas, están al mismo rango que la deuda no asegurada e no subordinada de la empresa, son efectivamente subordinados a la deuda garantizada y estructuralmente subordinados a la deuda de las filiales. Los tenedores tienen derecho de recomprar en un cambio de control al 100% del principal más intereses devengados. La oferta cerró el 18 de septiembre de 2025, con ingresos netos de aproximadamente 343,6 millones de dólares, que la empresa tiene la intención de usar para canjear sus Notes con cupón 7,75% de vencimiento 2028 y Notes con cupón 3,375% de vencimiento 2026, y para pagar porciones de la deuda bajo su Corporate Credit Facility y/o SPV Credit Facility. El indenture contiene covenants que exigen cumplimiento de disposiciones especificadas de la Ley de 1940, sujeto a exenciones y limitaciones.

Capital Southwest Corporation는 2030년 만기의 5.950% Notes를 총액 3억 5천만 달러 규모로 발행·매각했으며, 기본 계약에 대한 제7차 보충 양도서에 따라 발행되었습니다. 이 채권은 2026년 3월 18일부터 3개월 6개월마다 이자를 지급하며, 2030년 9월 18일에 만기합니다. 2030년 8월 18일 이전에는 회사의 선택으로 명목가액에 만기 조정 프리미엄인 makes-whole 프리미엄을 더한 가격으로 상환 가능하고, 그 이후에는 명목가액으로 상환됩니다. 이 채권은 직접적이고 무담보 채무로 간주되며, 회사의 무담보 및 비우선 채무와 동등한 순위를 가지며, 담보부 채무에 실질적으로 종속되고 자회사의 채무에 구조적으로 종속됩니다. 보유자는 지배권 변화 시 원금의 100%와 누적 이자를 합친 금액으로 상환권을 가집니다. 발행은 2025년 9월 18일에 종료되었으며 순이익은 약 3억 4360만 달러로, 회사는 이를 2028년 만기 7.75% 채권과 2026년 만기 3.375% 채권의 상환에 사용하고 Corporate Credit Facility 및/또는 SPV Credit Facility의 일부 부채를 상환할 예정입니다. 이 indenture는 1940 Act의 특정 조항 준수를 요구하는 covenants를 포함하고 있으며, 면제 및 제한 조항이 있습니다.

Capital Southwest Corporation a émis et vendu des obligations d’un montant nominal global de 350,0 millions de dollars à un taux de 5,950% échéant en 2030, sous une Septième Supplémentaire de l'Indenture par rapport à l'Indenture de base. Les obligations portent intérêt semestriellement les 18 mars et 18 septembre à compter du 18 mars 2026, arrivent à échéance le 18 septembre 2030 et peuvent être remboursées à l’option de la société avant le 18 août 2030 à la valeur nominale plus une prime de rachat intégrale (make-whole) et, ensuite, à la valeur nominale. Ce sont des obligations directes non garanties, classées au pair avec la dette non garantie et non subordonnée de la société, elles sont effectivement subordonnées à la dette garantie et structurellement subordonnées à la dette des filiales. Les porteurs disposent d’un droit de rachat en cas de changement de contrôle à 100% du principal plus les intérêts accrus. L’offre a été clôturée le 18 septembre 2025 pour des produits nets d’environ 343,6 millions de dollars, que la société entend utiliser pour racheter ses notes au taux de 7,75% échues en 2028 et ses notes à 3,375% échues en 2026, et pour rembourser des portions de la dette sous la Corporate Credit Facility et/ou SPV Credit Facility. L’Indenture contient des covenants exigeant le respect de dispositions spécifiques du 1940 Act, sous réserve d’exemptions et de limitations.

Capital Southwest Corporation hat Anleihen mit einem Gesamtnennbetrag von 350,0 Mio. USD zu 5,950% fällig 2030 im Rahmen einer siebten Zusatzvereinbarung zur Grundanleihe ausgegeben. Die Anleihen zahlen Zinsen halbjährlich am 18. März und 18. September ab dem 18. März 2026, laufen am 18. September 2030 fällig und sind bis zum 18. August 2030 auf Veranlassung des Unternehmens zum Nennwert zuzüglich einer Make-Whole-Prämie kündbar und danach zum Nennwert. Die Anleihen sind direkte, unbesicherte Verbindlichkeiten, gleichrangig mit dem ungesicherten, nicht nachrangigen Schulden der Gesellschaft, sind praktisch nachrangig gegenüber gesichertem Schulden und strukturell nachrangig gegenüber den Schulden der Tochtergesellschaften. Inhaber haben ein Change-of-Control-Rückkaufrecht zu 100% des Nennbetrags zuzüglich aufgelaufener Zinsen. Die Emission schloss am 18. September 2025 mit Nettoprozenten von ca. 343,6 Mio. USD, wovon das Unternehmen beabsichtigt, seine ausstehenden 7,75% Anleihen fällig 2028 und 3,375% Anleihen fällig 2026 zu tilgen und Teile der Verbindlichkeiten unter der Corporate Credit Facility und/oder SPV Credit Facility zu tilgen. Der Indenture enthält Covenants, die die Einhaltung bestimmter Bestimmungen des 1940 Act vorschreiben, vorbehaltlich Ausnahmen und Beschränkungen.

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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):  September 18, 2025

CAPITAL SOUTHWEST CORPORATION
(Exact Name Of Registrant As Specified In Charter)
Texas814-0006175-1072796
(State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)

8333 Douglas Avenue, Suite 1100
Dallas, Texas 75225
(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (214) 238-5700
 

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 (see General Instruction A.2. below):
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 Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.25 par value per shareCSWCThe Nasdaq Global Select Market
7.75% Notes due 2028CSWCZThe Nasdaq Global Select Market

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.

In connection with the previously announced public offering, on September 18, 2025, Capital Southwest Corporation (the “Company”) and U.S. Bank Trust Company, National Association, as trustee (as successor in interest to U.S. Bank National Association) (the “Trustee”), entered into a Seventh Supplemental Indenture (the “Seventh Supplemental Indenture”) to the Indenture, dated October 23, 2017, by and between the Company and the Trustee (the “Base Indenture”, and together with the Seventh Supplemental Indenture, the “Indenture”). The Seventh Supplemental Indenture relates to the Company’s issuance and sale of $350.0 million in aggregate principal amount of the Company’s 5.950% Notes due 2030 (the “Notes” and the issuance and sale of the Notes, the “Offering”).

The Notes bear interest at a rate of 5.950% per year payable semi-annually in arrears on March 18 and September 18 of each year, beginning on March 18, 2026. The Notes will mature on September 18, 2030 and may be redeemed at the Company’s option, in whole or in part, at any time prior to August 18, 2030 at par plus a “make-whole” premium, and thereafter at par.

The Company intends to use the net proceeds from the Offering to redeem in full the outstanding 7.75% Notes due 2028 and the outstanding 3.375% Notes due 2026, and to repay a portion of the outstanding indebtedness under the senior secured revolving credit facility (the “Corporate Credit Facility”) and/or the special purpose vehicle financing credit facility (the “SPV Credit Facility”).

The Notes are the direct unsecured obligations of the Company and rank pari passu with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company, senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the Notes, effectively subordinated to all of the existing and future secured indebtedness issued by the Company (including indebtedness that is initially unsecured in respect of which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness, including, without limitation, borrowings under the Corporate Credit Facility, and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries, including, without limitation, borrowings under the SPV Credit Facility and the debentures guaranteed by the U.S. Small Business Administration.

The Indenture contains certain covenants, including certain covenants requiring the Company to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of the Investment Company Act of 1940, as amended (the “1940 Act”), or any successor provisions, whether or not the Company continues to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to the Company by the U.S. Securities and Exchange Commission (the “SEC”), to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions, after giving effect to any exemptive relief granted to the Company by the SEC and subject to certain other exceptions, and to provide financial information to the holders of the Notes and the Trustee if the Company is no longer subject to the reporting requirements under the Securities Exchange Act of 1934, as amended. These covenants are subject to important limitations and exceptions that are described in the Indenture.

In addition, holders of the Notes can require the Company to repurchase some or all of the Notes at a purchase price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the repurchase date upon the occurrence of a “Change of Control Repurchase Event,” as defined in the Seventh Supplemental Indenture.

The Offering was made pursuant to the Company’s effective shelf registration statement on Form N-2 (File No. 333-282873) previously filed with the SEC, as supplemented by a preliminary prospectus supplement dated September 9, 2025, the pricing term sheet filed with the SEC on September 9, 2025, and a final prospectus supplement dated September 9, 2025. The transaction closed on September 18, 2025. The net proceeds to the Company were approximately $343.6 million, based on a public offering price of 99.345% of par, after deducting the underwriting discount of $3.5 million and the estimated offering expenses of approximately $0.6 million payable by the Company.




The foregoing descriptions of the Seventh Supplemental Indenture and the Notes do not purport to be complete and are qualified in their entirety by reference to the full text of the Seventh Supplemental Indenture and the form of global note representing the Notes, respectively, which are filed as Exhibits 4.2 and 4.3 hereto, respectively, and incorporated by reference herein.

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

The information required by Item 2.03 contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)          Exhibits

Exhibit No.Description
4.1
Indenture, dated as of October 23, 2017, by and between Capital Southwest Corporation and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit (d)(2) to Registration Statement on Form N-2 (Reg. No. 333-220385) filed on October 23, 2017).
4.2
Seventh Supplemental Indenture, dated as of September 18, 2025, relating to the 5.950% Notes due 2030, by and between Capital Southwest Corporation and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee.
4.3
Form of Global Note with respect to the 5.950% Notes due 2030 (incorporated by reference to Exhibit 4.2 hereto).
5.1
Opinion of Eversheds Sutherland (US) LLP.
23.1
Consent of Eversheds Sutherland (US) LLP (included in Exhibit 5.1 hereto).
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 18, 2025
By:/s/ Michael S. Sarner
Name: Michael S. Sarner
Title:   President and Chief Executive Officer





FAQ

What did Capital Southwest (CSWCZ) issue?

Capital Southwest issued $350.0 million aggregate principal amount of 5.950% Notes due 2030 under a Seventh Supplemental Indenture.

When do the new notes pay interest and mature?

Interest is payable semi-annually on March 18 and September 18 beginning March 18, 2026, and the notes mature on September 18, 2030.

How much did Capital Southwest receive in net proceeds?

Net proceeds were approximately $343.6 million based on a public offering price of 99.345% of par, after underwriting discount and offering expenses.

How will Capital Southwest use the proceeds from the offering?

Proceeds will be used to redeem in full outstanding 7.75% Notes due 2028 and 3.375% Notes due 2026 and to repay a portion of indebtedness under the Corporate Credit Facility and/or the SPV Credit Facility.

What is the security and ranking of the new notes?

The notes are direct unsecured obligations that rank pari passu with other unsecured, unsubordinated indebtedness, are effectively subordinated to secured debt, and are structurally subordinated to subsidiaries’ obligations.

Do noteholders have protections on a change of control?

Yes. Holders can require the company to repurchase some or all notes at 100% of principal plus accrued interest upon a Change of Control Repurchase Event.
Capital Southwest Corporation

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