Franklin BSP Capital Corp 8-K, filed Jan 19, 2022
Franklin BSP Capital Corp (FRBP)
About this 8-K
Franklin BSP Capital Corp filed this 8-K on January 19, 2022.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): January 19, 2022
Franklin BSP Capital Corporation
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 814-01360 | 85-2950084 | ||
|
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 9 West 57th Street, Suite 4920, New York, New York | 10019 |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (212) 588-6700
________________________________________________________
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| N/A | N/A | N/A |
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)) |
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 Company x
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. x
| Item 7.01. | Regulation FD Disclosure. |
On January 19, 2022, Benefit Street Partners L.L.C. (“BSP”), Franklin BSP Capital Corporation (“FBCC”), and Franklin BSP Lending Corporation (“FBLC”), each of FBCC and FBLC a business development company advised by affiliates of BSP, issued a press release.
A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” 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, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press Release dated January 19, 2022 (furnished herewith) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Franklin BSP Capital Corporation | ||
| Date: January 19, 2022 | By: | /s/ Nina K. Baryski |
| Name: | Nina K. Baryski | |
| Title: | Chief Financial Officer and Treasurer | |
Exhibit 99.1
| January 19, 2022 | |
|
Investor Relations Contact: Amy Theaumont A.Theaumont@benefitstreetpartners.com (617) 433-2543 |
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For media inquiries: Pholida Barclay Pholida.Barclay@franklintempleton.com (212) 632-3204
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Benefit Street Partners, Franklin BSP Lending Corp., and Franklin BSP Capital Corp.
Announce Record Private Debt Originations in 2021
NEW YORK, N.Y. – January 19, 2022 – Benefit Street Partners L.L.C. ("BSP") today announced record originations for both the fourth quarter and full-year 2021. BSP originated a record $2.8 billion of commitments across 41 issuers in the fourth quarter of 2021, resulting in record annual originations of $7.7 billion across 128 issuers for the year. BSP now manages over $36 billion in assets across private debt, special situations, CLOs, liquid loans, and commercial real estate strategies as of November 30, 2021.
The Business Development Companies (“BDCs”) managed by BSP also achieved record results. BSP is one of the largest BDC managers with over $2 billion of equity and capital commitments as of November 30, 2021.
Franklin BSP Lending Corporation, Inc. ("FBLC"), formerly Business Development Corporation of America (“BDCA”), originated a record of over $700 million of commitments across 34 issuers in the fourth quarter of 2021, resulting in record annual originations of over $1.5 billion across 103 issuers for the year.
Franklin BSP Capital Corporation, Inc. ("FBCC") originated over $250 million of commitments across 23 issuers in the fourth quarter of 2021, resulting in originations of over $500 million across 63 issuers for the year.
Thomas Gahan, CEO of BSP stated: "BSP's record originations in both Q4 and full-year 2021 demonstrate the strength of our private debt platform. With a strong pipeline to begin 2022, we expect to continue providing customized financing solutions to our borrowers and attractive risk-adjusted returns to our investors.”
Richard Byrne, President of BSP and CEO of FBLC and FBCC, added: "Our record originations in 2021 translated directly to the strong performance of our BDCs. Going forward, we believe our BDC shareholders will continue to benefit from our premier private debt platform.”
2021 BSP Highlights
| · | Originated a record $7.7 billion across 128 issuers in 2021 |
| o | Approximately 87% of originations were in senior secured loans |
| o | Includes six new commitments of over $200 million each |
2021 & 2022 FBLC Highlights
| · | Originated over $1.5 billion across 103 issuers for the year |
| · | Achieved six consecutive quarters of NAV appreciation as of September 30, 2021 |
| · | In the first week of 2022, FBLC changed its name from BDCA to FBLC in order to better align the company with BSP and Franklin Templeton brands. |
| · | In December 2021, FBLC, FBCC, and affiliates of BSP acquired Encina Equipment Finance, LLC, a leading non-bank equipment finance platform |
| · | In March 2021, FBLC achieved an investment grade rating from Moody’s (Baa3 / Stable) and priced its $300M 2026 unsecured notes offering at 3.25% |
| · | In January 2021, FBLC formed a joint venture with an investment vehicle managed by Cliffwater LLC, creating significant balance sheet flexibility |
2021 FBCC Highlights
| · | Originated over $500 million across 63 issuers in 2021 |
| · | Raised approximately $600 million in capital commitments as of September 30, 2021 |
| · | FBCC was formed in 2020 with its first close in December 2020 and is continuing to raise capital |
About Benefit Street Partners
Benefit Street Partners L.L.C. is a leading credit-focused alternative asset management firm with approximately $36 billion in assets under management as of November 30, 2021. BSP manages assets across a broad range of complementary credit strategies, including private/opportunistic debt, structured credit, high yield, special situations, long-short liquid credit and commercial real estate debt. Based in New York, the BSP platform was established in 2008. BSP is a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.benefitstreetpartners.com.
About Franklin BSP Lending Corporation
FBLC is a non-listed business development company with a $2.5 billion investment portfolio at fair value as of September 30, 2021. In January 2022, Franklin BSP Lending Corporation changed its name from Business Development Corporation of America. FBLC’s investment portfolio primarily consists of loans to middle-market companies. FBLC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. FBLC is managed by its investment adviser, Franklin BSP Lending Adviser, L.L.C., an affiliate of Benefit Street Partners L.L.C. For further information, please visit www.bdcofamerica.com. This press release is not an offer to sell any securities issued by FBLC and is not soliciting an offer to buy such securities.
About Franklin BSP Capital Corporation
FBCC is a non-listed business development company with $600 million of investor commitments as of September 30, 2021. FBCC’s investment portfolio primarily consists of loans to middle-market companies. FBCC has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended. FBCC is managed by its investment adviser, Franklin BSP Capital Adviser L.L.C., an affiliate of Benefit Street Partners L.L.C. This press release is not an offer to sell any securities issued by FBCC and is not soliciting an offer to buy such securities.
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