The amendment lowers borrowing costs and extends the maturity date by nearly three years, bolstering the BDC’s financing flexibility.

April 17, 2026

Franklin BSP Capital Corporation has amended its Wells Fargo credit facility through its wholly-owned subsidiary FBLC Funding I, LLC, increasing the total borrowing capacity from $300 million to $400 million while securing more favorable terms.

Key Terms of the Amendment

The fifth amendment to the loan and servicing agreement, executed on April 10, 2026, delivers several significant improvements to the financing arrangement. The interest rate spread on borrowings was reduced from 2.15 percent to 1.95 percent per annum, which should lower the company’s cost of capital on funds drawn under the facility. The maturity date was extended from August 25, 2028 to April 10, 2031, giving the company a longer runway to deploy and manage its leveraged investments. The reinvestment period end date was also pushed out from August 25, 2026 to April 10, 2029, providing FBCC with greater flexibility to recycle capital into new investments over a longer timeframe.

The amended facility involves Wells Fargo Bank, National Association as administrative agent and lender, with U.S. Bank National Association serving as collateral custodian and U.S. Bank Trust Company, National Association acting as collateral agent. The subsidiary incurred customary costs and expenses in connection with the amendment.

Continued Balance Sheet Optimization

This latest move continues a pattern of aggressive financing activity by Franklin BSP Capital. As detailed in the company’s recent annual report coverage, FBCC ended fiscal year 2025 with approximately $2.26 billion in total debt outstanding and an asset coverage ratio of 179 percent. At that time, the Wells Fargo facility had no unused borrowing capacity, suggesting the expansion was likely driven by strong demand for additional financing to support portfolio growth.

The company had already undertaken significant financing activity throughout 2025, including expanding its JPM Credit Facility to $1.05 billion, amending and restating its JPM Revolver Facility to $780 million, and issuing $300 million in unsecured notes due 2030. The Wells Fargo amendment adds another $100 million in borrowing capacity while meaningfully reducing the cost of that capital by 20 basis points.

About the Company

Franklin BSP Capital Corporation is an externally managed business development company focused on generating current income and capital appreciation through debt and equity investments in predominantly private U.S. middle-market companies. The company is managed by Franklin BSP Capital Adviser L.L.C., an affiliate of Benefit Street Partners, and is part of the broader Franklin Templeton platform.