PSBD lifts credit facility to $200M, spread cut to 1.95%

Palmer Square Capital BDC Inc. (PSBD) amended its secured credit facility.

Accepted by SEC EDGAR 11/05/2025 - 04:21 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Palmer Square Capital BDC Inc. (PSBD) amended its secured credit facility. On November 4, 2025, its wholly owned subsidiary entered Amendment No. 5 with Wells Fargo as administrative agent. The amendment increases the facility size from $175,000,000 to $200,000,000, extends the stated maturity to November 4, 2030, and lengthens the reinvestment period to November 3, 2028.

Pricing terms were also updated: the applicable spread moves to 1.95% over Daily Simple SOFR (from 2.50%), and the non‑usage fee now ranges from 0.50% to 1.45% depending on utilization. These changes provide a larger borrowing capacity, a longer tenor, and lower margin over SOFR under the facility’s terms.

Insights

Credit markets analyst

Facility grows to $200M, maturity extended, and pricing tightened.

PSBD increased its revolving credit capacity to $200,000,000 and pushed out final maturity to November 4, 2030, with the reinvestment period now ending November 3, 2028. The applicable spread was reduced to 1.95% over Daily Simple SOFR from 2.50%, and the non‑usage fee moves to a tiered 0.50%–1.45% based on utilization.

Lower spread reduces interest expense on drawn balances relative to prior terms, while the extended tenor can support portfolio stability by reducing near‑term refinancing risk. The tiered non‑usage fee may influence targeted utilization levels.

Actual impact depends on future borrowing activity and rate levels under Daily Simple SOFR. Key items to watch in subsequent disclosures include average facility utilization and weighted average cost of debt under the amended terms.

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, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did PSBD change in its credit facility?

It increased the facility size to $200,000,000, extended maturity to November 4, 2030, extended the reinvestment period to November 3, 2028, and updated pricing and fees.

What is the new interest spread for PSBD’s facility?

The applicable spread is now 1.95% over Daily Simple SOFR, reduced from 2.50%.

How did the facility size change for PSBD (PSBD)?

The facility amount increased from $175,000,000 to $200,000,000.

What are PSBD’s updated non-usage fees?

Non‑usage fees now range from 0.50% to 1.45%, depending on utilization levels.

Which parties are involved in PSBD’s amended facility?

Wells Fargo Bank, National Association is administrative agent and lender; U.S. Bank Trust Company, National Association is collateral agent; U.S. Bank National Association is custodian.

Which PSBD subsidiary is the borrower under the facility?

The borrower is Palmer Square BDC Funding II LLC, a wholly owned subsidiary.

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

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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): November 4, 2025

Palmer Square Capital BDC Inc.

(Exact name of Registrant as Specified in Its Charter)

Maryland		814-01334		84-3665200
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1900 Shawnee Mission Parkway, Suite 315 Mission Woods, Kansas		66205
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: 816 994-3200

(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 Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		PSBD		New York Stock Exchange

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 November 4, 2025, Palmer Square BDC Funding II LLC (“Funding”), a wholly owned subsidiary of Palmer Square Capital BDC Inc. (the “Company”), entered into Amendment No. 5 (the “Credit Facility Amendment”) to its credit facility (the “Credit Facility”) with Wells Fargo Bank, National Association, as administrative agent and as lender, U.S. Bank Trust Company, National Association, as collateral agent and U.S. Bank National Association, as custodian.

The Credit Facility Amendment amends the Credit Facility to, among other things: (i) increase the facility amount from $175,000,000 to $200,000,000, (ii) extend the facility maturity date from December 18, 2028 to November 4, 2030, (iii) extend the reinvestment period end date from December 18, 2026 to November 3, 2028 (subject to other provisions of the Credit Facility), (iv) update the applicable spread to be 1.95% over Daily Simple SOFR (from 2.50% over Daily Simple SOFR), and (v) update the non-usage fee to a rate ranging from 0.50% to 1.45%, depending on the utilization levels of the facility.

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

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

The information contained in Item 1.01 of this current report on Form 8-K is incorporated by reference in this Item 2.03.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1		Amendment No. 5 to Loan and Security Agreement, dated November 4, 2025, by and among Palmer Square BDC Funding II LLC, as the borrower, Palmer Square Capital BDC Inc., as the collateral manager and equityholder, Wells Fargo Bank, National Association, as administrative agent and as lender, U.S. Bank Trust Company, National Association, as collateral agent, and U.S. Bank National Association, as custodian.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

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

	PALMER SQUARE CAPITAL BDC INC.
Date:  November 5, 2025	By:	/s/ Jeffrey D. Fox
	Name:	Jeffrey D. Fox
	Title:	Chief Financial Officer

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