UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

~~Washington~~WASHINGTON, DC ~~D.C.~~ 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

~~The~~ Securities Exchange Act of 1934

Date of ~~Report~~report (Date of earliest event reported): ~~September~~October 152, 2023

~~FRANKLIN~~ Franklin BSP ~~LENDING~~Lending ~~CORPORATION~~Corporation

(Exact name of ~~registrant~~Registrant as ~~specified~~Specified in ~~its~~Its ~~charter~~Charter)

Maryland	~~814-00821~~	27814-~~2614444~~00821	27-2614444
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
(State or Other Jurisdiction of Incorporation)		(Commission File Number)	(IRS Employer Identification No.)

9 West 57th Street, Suite 4920 New York, New York	10019
9 West 57th Street, Suite 4920, New York, New York		10019
(Address of principal executive offices)	(Zip Code)
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 588-6770

Not ~~Applicable~~ applicable

(Former Name ~~name~~ or ~~former~~Former ~~address~~Address, if ~~changed~~Changed ~~since last~~Since ~~report~~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 (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))

☐	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~~each ~~Class~~class Trading Symbol~~(s)~~ Name of ~~Each~~each ~~Exchange~~exchange on ~~Which~~which ~~Registered~~registered ~~None~~N/A N/A N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ~~(17 CFR §230.405)~~ or Rule 12b- 2 of the Securities Exchange Act of 1934 ~~(17 CFR §240~~.~~12b-2).~~

Emerging growth ~~Growth~~company ~~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 September 15, 2023, Franklin BSP Lending Corporation (the “Corporation”) and a wholly-owned, consolidated special purpose financing subsidiary of the Corporation, FBLC 57th Street Funding, LLC (the “Subsidiary”), entered into a Second Amendment (the “Second Amendment”) to the Amended and Restated Loan and Security Agreement~~, dated as of April 12, 2021, by and among the Corporation, the Subsidiary, JPMorgan~~ ~~Chase Bank, National Association, as administrative agent (“JPM”), U.S. Bank Trust Company, National Association, as collateral agent~~ and ~~collateral~~Plan administrator and U.S. Bank National Association as securities intermediary (as amended and together with the Second Amendment, the “Loan and Security Agreement”). The Second Amendment, among other things, (1) extends the maturity date of ~~the~~Merger Loan and Security Agreement from August 28, 2025 to September 15, 2027, (2) changes the applicable margin for advances made to the Subsidiary under the Loan and Security Agreement from SOFR plus 3.00% (subject to further increases consistent with the terms of the Loan and Security Agreement) to SOFR plus 2.80% (subject to further increases consistent with the terms of the Loan and Security Agreement), which is inclusive of an administrative agent fee, (3) extends the reinvestment period from August 28, 2024 to September 15, 2026, (4) increases the financing amount for which the Subsidiary can submit a commitment increase request up to $800,000,000, and (5) amends the unused commitment fee of 0.75% to include the administrative agent fee. The Subsidiary paid an upfront fee and incurred other customary costs and expenses in connection with the Second Amendment.

~~The~~On October ~~description~~2, 2023, Franklin BSP Lending Corporation, a Maryland corporation (“FBLC”), entered into an Agreement and Plan of Merger (the ~~Second~~“Merger ~~Amendment~~Agreement”) inwith ~~this~~Franklin BSP Capital Corporation, a Delaware corporation (“FBCC” and together ~~Item~~with 1FBCC, the “Funds” and each a “Fund”), Franklin BSP Merger Sub, Inc.01, isa Maryland corporation and a ~~summary~~direct wholly-owned ~~only~~subsidiary of FBCC (“Merger Sub”), and, issolely ~~qualified~~for the limited purposes set forth therein, Franklin BSP Capital Adviser L.L.C. (“FBCA”), a Delaware limited liability company and the external investment adviser to FBCC. The Merger Agreement provides that, subject to the conditions set forth in ~~all~~the ~~respects~~Merger byAgreement, at the ~~provisions~~effective time of the ~~Second~~Merger ~~Amendment~~(the “Effective Time”), Merger Sub will be merged with and into FBLC (the “Merger”), with FBLC continuing as the surviving company and as a ~~copy~~wholly-owned subsidiary of ~~which~~FBCC. Immediately after the Effective Time, FBLC will bemerge ~~filed~~with and into FBCC (together with the Merger, the “Mergers”), with FBCC continuing as the ~~Corporation~~surviving company. The boards of directors of both FBLC (the “FBLC Board”) and FBCC (the “FBCC Board” and, together with the FBLC Board, the “Boards”), including all of the respective directors who are not “interested persons” of either Fund or its respective investment adviser as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “Independent Directors”), in each case, on the recommendation of a special committee (such company’s ~~Form~~“Special ~~10-Q~~Committee”) ~~for~~comprised solely of the ~~fiscal~~Independent ~~quarter~~Directors ~~ended~~of ~~September~~FBLC 30or FBCC, ~~2023~~as applicable, have approved the Merger Agreement and the transactions contemplated thereby. The parties to the Merger Agreement intend the Mergers to be treated as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended.

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

~~The~~At the ~~information~~Effective ~~set~~Time, ~~forth~~each inshare ~~Item~~of 1common stock, par value $0.01001 isper ~~incorporated~~share, of FBLC (“FBLC Common Stock”) issued and outstanding immediately prior to the Effective Time (other than shares owned by ~~reference~~FBCC or any of its consolidated subsidiaries (the “Cancelled Shares”)) will be converted into ~~this~~the ~~Item~~right 2to receive a number of shares of common stock, par value $0.03001 per share, of FBCC (“FBCC Common Stock”) equal to the Exchange Ratio (as defined below), plus any cash (without interest) in lieu of fractional shares.

As of a mutually agreed date no earlier than 48 hours (excluding Sundays and holidays) prior to the Effective Time (such date, the “Determination Date”), each of FBLC and FBCC will deliver to the other a calculation of its net asset value as of such date (such calculation with respect to FBLC, the “Closing FBLC Net Asset Value” and such calculation with respect to FBCC, the “Closing FBCC Net Asset Value”), in each case using the same set of assumptions, methodologies and adjustments as has been historically used in preparing such calculation. Based on such calculations, the parties will calculate the “FBLC Per Share NAV”, which will equal (i) the Closing FBLC Net Asset Value divided by (ii) the number of shares of FBLC Common Stock issued and outstanding as of the Determination Date (excluding any Cancelled Shares), and the “FBCC Per Share NAV”, which will equal (A) the Closing FBCC Net Asset Value divided by (B) the number of shares of FBCC Common Stock issued and outstanding as of the Determination Date. The “Exchange Ratio” will be equal to the quotient (rounded to four decimal places) of (i) the FBLC Per Share NAV divided by (ii) the FBCC Per Share NAV.

FBLC and FBCC will update and redeliver the Closing FBLC Net Asset Value or the Closing FBCC Net Asset Value, respectively, in the event that the closing of the Mergers is subsequently materially delayed or there is a material change to such calculation between the Determination Date and the closing of the Mergers and as needed to ensure that the calculation is determined within 48 hours (excluding Sundays and holidays) prior to the Effective Time.

Representations, Warranties and Covenants

The Merger Agreement contains customary representations and warranties by each of FBLC, FBCC and FBCA, subject to specified exceptions and qualifications. The Merger Agreement also contains customary covenants, including, among others, covenants relating to the operation of each of FBLC’s and FBCC’s businesses during the period prior to the closing of the Mergers, the preparation of a registration statement on Form N-14 (the “Registration Statement”), the holding of special meetings of the stockholders of FBLC and FBCC, and obtaining certain regulatory and third party consents, if any. FBLC and FBCC have agreed to convene and hold stockholder meetings for the purpose of obtaining the approvals required of FBLC’s and FBCC’s stockholders, respectively, and have agreed to recommend that the stockholders approve the applicable proposals.

The Merger Agreement includes restrictions on the ability of FBLC and FBCC to solicit proposals for alternative transactions or engage in discussions regarding such proposals, subject to exceptions and termination provisions, which could have the effect of discouraging such proposals from being made or pursued. However, either of the Boards may, subject to certain conditions, change its recommendation to its respective Fund’s stockholders, terminate the Merger Agreement and enter into an agreement with respect to a superior proposal if either Special Committee determines in its reasonable good faith judgment, after consultation with its outside legal counsel and financial advisor, that the failure to take such action would be reasonably likely to be inconsistent with, as applicable, the respective Fund directors’ exercise of their fiduciary duties under applicable law or the standard of conduct applicable to the respective Fund directors (taking into account, among other factors, any changes to the Merger Agreement proposed by the other Fund).

Conditions to the Mergers

Consummation of the Mergers, which is currently anticipated to occur during the first half of calendar year 2024, is subject to certain closing conditions, including, but not limited to, (1) requisite approvals of FBLC’s and FBCC’s stockholders, including the approval of FBCC’s stockholders of the amendment and restatement of its currently effective investment advisory agreement (the “Amended and Restated Advisory Agreement”), (2) effectiveness of the Registration Statement for the FBCC Common Stock to be issued as consideration in the Mergers, (3) the absence of certain legal impediments to the consummation of the Mergers, (4) required regulatory approvals (including expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended), (5) determinations of the Closing FBLC Net Asset Value and the Closing FBCC Net Asset Value in accordance with the terms of the Merger Agreement, and (6) subject to certain exceptions, the accuracy of the representations and warranties and compliance with the covenants of each party to the Merger Agreement.

General

The foregoing summary description of the Merger Agreement and the transactions contemplated thereby is subject to and qualified in its entirety by reference to the Merger Agreement, a copy of which is filed as Exhibit 2.1 to this Current Report on Form 8-K and the terms of which are incorporated herein by reference.

The Merger Agreement has been filed as Exhibit 2.1 to this Current Report on Form 8-K in order to provide investors and security holders with information regarding its terms. It is not intended to provide any other information about the parties thereto or their respective subsidiaries and affiliates. The Merger Agreement contains representations, warranties, covenants and agreements that were made only for purposes of the Merger Agreement and as of specific dates; were solely for the benefit of the parties to the Merger Agreement (except as may be expressly set forth in the Merger Agreement); may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Merger Agreement instead of establishing these matters as facts; and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors and security holders should not rely on such representations, warranties, covenants or agreements, or any descriptions thereof, as characterizations of the actual state of facts or condition of any of the parties to the Merger Agreement or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties, covenants and agreements may change after the date of the Merger Agreement, which subsequent information may or may not be fully reflected in public disclosures by the parties to the Merger Agreement.

Item 7.01. Regulation FD Disclosure.

On October 6, 2023, FBLC and FBCC issued a joint press release announcing entry into the Merger Agreement. A copy of the press release is furnished herewith as Exhibit 99.1.

The information disclosed under this Item 7.01, including Exhibit 99.1 hereto, is being “furnished” and is not deemed “filed” by FBLC for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor is it deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

Some of the statements in this document constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to: future operating results of FBLC and FBCC and distribution projections; business prospects of FBLC and FBCC and the prospects of their portfolio companies; and the impact of the investments that FBLC and FBCC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this document involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the Mergers on the expected timeline, or at all; (ii) the expected synergies and savings associated with the Mergers; (iii) the ability to realize the anticipated benefits of the Mergers, including the expected elimination of certain expenses and costs due to the Mergers; (iv) the percentage of FBLC’s stockholders and FBCC’s stockholders voting in favor of the applicable Proposals (as defined below); (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the Mergers may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the Mergers; (ix) any potential termination of the Merger Agreement; (x) the future operating results and net investment income projections of FBLC, FBCC or, following the Mergers, the combined company; (xi) the ability of FBCA to implement FBCA’s future plans with respect to the combined company; (xii) the ability of FBCA and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of FBLC, FBCC or, following the Mergers, the combined company and the prospects of their portfolio companies; (xiv) the impact of the investments that FBLC, FBCC or, following the Mergers, the combined company expect to make; (xv) the ability of the portfolio companies of FBLC, FBCC or, following the Mergers, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that FBLC, FBCC or, following the Mergers, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of FBLC, FBCC or, following the Mergers, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of FBLC, FBCC or, following the Mergers, the combined company; (xix) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (xx) the risk that stockholder litigation in connection with the Mergers may result in significant costs of defense and liability. FBLC and FBCC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although FBLC and FBCC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that FBLC and FBCC in the future may file with the Securities and Exchange Commission (“SEC”), including the Joint Proxy Statement (defined below) and the Registration Statement, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Additional Information and Where to Find It

This document relates to the proposed Mergers and the proposed Amended and Restated advisory Agreement (the “Proposals”). In connection with the Proposals, FBLC and FBCC plan to file with the SEC and mail to their respective stockholders a joint proxy statement on Schedule 14A (the “Joint Proxy Statement”), and FBCC plans to file with the SEC the Registration Statement that will include the Joint Proxy Statement and a prospectus of FBCC. The Joint Proxy Statement and the Registration Statement will each contain important information about FBLC, FBCC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. STOCKHOLDERS OF FBLC AND FBCC ARE URGED TO READ THE JOINT PROXY STATEMENT AND REGISTRATION STATEMENT, AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FBCC, FBLC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by FBLC, from FBLC’s website at https://benefitstreetpartners.com/our-business/funds/fblc/ and, for documents filed by FBCC, from FBCC’s website at https://benefitstreetpartners.com/our-business/funds/fbcc/.

Participants in the Solicitation

FBLC, its directors, certain of its executive officers and certain employees and officers of Benefit Street Partners L.L.C. (“BSP”) and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of FBLC is set forth in its proxy statement for its 2023 Annual Meeting of Stockholders, which was filed with the SEC on April 24, 2023. FBCC, its directors, certain of its executive officers and certain employees and officers of BSP and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of FBCC is set forth in its proxy statement for its 2023 Annual Meeting of Stockholders, which was filed with the SEC on April 24, 2023. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the FBLC and FBCC stockholders in connection with the Proposals will be contained in the Joint Proxy Statement when such document becomes available. These documents may be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This current report on Form 8-K is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this Current Report is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in FBLC, FBCC or in any fund or other investment vehicle managed by BSP or any of its affiliates.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

2.1		Agreement and Plan of Merger among Franklin BSP Lending Corporation, Franklin BSP Capital Corporation, Franklin BSP Merger Sub, Inc. and Franklin BSP Capital Adviser, L.L.C. (for the limited purposes set forth therein), dated as of October 2, 2023.

99.1		Joint press release of Franklin BSP Lending Corporation and Franklin BSP Capital Corporation, dated as of October 6, 2023.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

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

	FRANKLIN BSP LENDING CORPORATION
	Franklin BSP Lending Corporation
Date: September 19, 2023	By:	/s/ Nina K. Baryski
Date: October 6, 2023	By:	/s/ Nina K. Baryski
	Name:	Nina K. Baryski
		Nina K. Baryski Chief Financial Officer and Treasurer
	Title:	Chief Financial Officer and Treasurer

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