BCP Investment Corp 8-K

What Happened

• BCP Investment Corp (BCIC) announced a note purchase agreement (March 20, 2026) and a Sixth Supplemental Indenture (March 24, 2026) for $50,000,000 aggregate principal of 7.50% notes due September 24, 2029. The offering was made under an effective Form N-2 shelf registration (declared effective Feb 10, 2025). The company intends to use net proceeds to repay $40.0 million of LRFC 5.25% fixed-rate notes due 2026 and to pay down other indebtedness. U.S. Bank Trust Company, N.A. is the trustee.

Key Details

• Size & Rate: $50,000,000 aggregate principal; 7.50% annual interest, payable semi‑annually on April 30 and October 30, beginning April 30, 2026.
• Maturity & Redemption: Matures September 24, 2029; redeemable before April 24, 2029 at par plus a make‑whole premium, and at par on/after April 24, 2029.
• Priority: Unsecured general obligations — pari passu with other unsecured unsubordinated debt, senior to expressly subordinated debt, effectively junior to secured debt and structurally junior to subsidiaries’ indebtedness.
• Covenants & Ratings: Indenture requires compliance with certain Investment Company Act asset‑coverage requirements, provision of financial info if reporting status changes, and the company will use commercially reasonable efforts to maintain a rating for the notes.

Why It Matters

• This transaction replaces a near‑term $40M 2026 maturity with longer‑dated 2029 debt, reducing near‑term refinancing pressure but at a higher coupon (7.50% vs the replaced 5.25%). That means BCIC extends its debt maturity profile while increasing ongoing interest cost.
• The notes are unsecured and structurally junior to subsidiary financings and secured lenders, which is important for holders to understand in a stress scenario. The stated covenants and rating-maintenance effort provide some investor protections and disclosure commitments, but the full terms are in the Note Purchase Agreement and Indenture filed as exhibits.

For investors: review the Note Purchase Agreement and Sixth Supplemental Indenture (filed as exhibits) and the company’s shelf prospectus for complete terms and risks.