Crescent Capital BDC, Inc. 8-K

What Happened
Crescent Capital BDC (CCAP) filed an 8‑K on May 27, 2026 reporting a Ninth Amendment to its Loan and Security Agreement with Wells Fargo that increases its secured credit facility and adjusts pricing and term dates. The amendment raises the facility size to $500.0 million (from $400.0 million), increases the spread from 1.95% to 2.00%, extends the reinvestment period to May 21, 2029 and the stated maturity to May 21, 2031, and lowers the non‑usage fee from 0.50% to 0.35%. The amendment is filed as Exhibit 10.1.
The filing also summarizes previously announced note activity under a Fourth Supplement to the Note Purchase Agreement: Tranche A ($67.5M, due Feb 13, 2029) and Tranche B ($67.5M, due Feb 13, 2031) were issued on Feb 16, 2026; Tranche C ($50.0M, due May 22, 2029) was issued on May 22, 2026 with a fixed interest rate of 5.97%. On May 22, 2026 the company also repaid $111.6 million of FCRX 5.00% unsecured notes in full.

Key Details

• Credit facility increased to $500.0 million (previously $400.0M); spread raised to 2.00% (from 1.95%).
• Reinvestment period extended to May 21, 2029; stated maturity extended to May 21, 2031.
• Non‑usage fee reduced from 0.50% to 0.35%.
• New unsecured notes: Tranche A $67.5M and Tranche B $67.5M (issued Feb 16, 2026); Tranche C $50.0M (issued May 22, 2026) at 5.97% fixed; $111.6M of 5.00% FCRX notes repaid May 22, 2026.

Why It Matters
These financing changes affect CCAP’s liquidity, cost of capital, and debt maturity profile. The larger $500M facility and extended reinvestment/maturity dates give the company more committed funding and more time to deploy capital or manage portfolio investments. The slight increase in spread (5 basis points) raises the variable borrowing cost modestly, while the lower non‑usage fee reduces standby costs. The new note issuances and the $111.6M repayment rework unsecured debt — notably a newly issued Tranche C at 5.97% versus the repaid FCRX at 5.00% — which will change the company’s interest expense mix and maturity schedule.