--- schema_version: "secwatch.filing_event.v1" accession: "0000038777-23-000109" form_type: "8-K" ticker: "BEN" cik: "0000038777" company_name: "FRANKLIN RESOURCES INC" filed_at: "2023-07-28T23:59:59+00:00" generated_at: "2026-06-12T23:22:26.696168+00:00" event_type: "debt" sentiment: "neutral" materiality_score: 0.55 calibrated_materiality_score: 0.55 confidence: "high" source: SEC EDGAR --- # Franklin Resources enters $800M revolving credit facility, repays $300M term loan ## Summary - New five-year $800M revolver with Bank of America as agent; no borrowings outstanding at closing. - Terminated $500M revolver (maturity Sep 2023) and $300M term loan (maturity Sep 2025); $300M term loan fully repaid. - Interest is Base Rate or Term SOFR plus margin (0.625%-1.25%) based on debt rating; commitment fee 0.06%-0.125% on unused balance. - Financial covenant requires net leverage ratio ≤ 3.25x at each quarter-end. - Proceeds available for general corporate purposes. ## SEC filing metadata - accession: 0000038777-23-000109 - form_type: 8-K - ticker: BEN - cik: 0000038777 - company_name: FRANKLIN RESOURCES INC - filed_at: 2023-07-28T23:59:59+00:00 - event_type: debt - sentiment: neutral - materiality_score: 0.55 - calibrated_materiality_score: 0.55 - confidence: high - sec_items: 1.01, 1.02, 2.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/38777/000003877723000109/0000038777-23-000109-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/38777/000003877723000109/ben-20230725.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0000038777-23-000109 - JSON: https://secwatch.observer/filing/0000038777-23-000109.json - Plain text: https://secwatch.observer/filing/0000038777-23-000109.txt ## Key facts - Debt Financings FRANKLIN RESOURCES INC incurred revolving credit of $800,000,000 with Bank of America, N.A. (as administrative agent) and the lenders at Term SOFR plus an applicable margin ranging from 0.625% to 1.25% maturing five years from the Closing Date. - Instrument: revolving credit - Principal: $800,000,000 - Counterparty: Bank of America, N.A. (as administrative agent) and the lenders - Rate: Term SOFR plus an applicable margin ranging from 0.625% to 1.25% - Maturity: five years from the Closing Date - Event: incurrence source text: given to them in the New Revolving Credit Agreement. The New Revolving Credit Agreement provides for a five-year revolving credit facility (the “Revolving Credit Facility”) with $800,000,000 of aggregate commitments and, as of the Closing Date, there were no amounts outstanding under the New Revolving Credit Agreement. Amounts outstanding under the New Revolving evidence_url: https://www.sec.gov/Archives/edgar/data/38777/000003877723000109/0000038777-23-000109-index.htm - Material Agreements FRANKLIN RESOURCES INC terminated Original Credit Agreement with Bank of America, N.A. valued at $500.0 million revolving credit agreement terminated (effective 2023-07-25). - Action: termination - Agreement: credit facility - Counterparty: Bank of America, N.A. - Value: $500.0 million revolving credit agreement terminated - Effective: 2023-07-25 source text: Concurrently with entering into the New Revolving Credit Agreement, on July 25, 2023, the Company terminated (i) its $500.0 million revolving credit agreement (the "Original Credit Agreement") with Bank of America, N.A. and the other lenders party thereto, which, by its terms was scheduled to mature on September 7, 2023 and (ii) its $300.0 million term loan credit agreement (the "Term Loan") with Bank of America, N.A. and the other lenders party thereto, which, by its terms was scheduled to mature on September 8, 2025. evidence_url: https://www.sec.gov/Archives/edgar/data/38777/000003877723000109/0000038777-23-000109-index.htm - Material Agreements FRANKLIN RESOURCES INC terminated Term Loan with Bank of America, N.A. valued at $300.0 million term loan credit agreement terminated (effective 2023-07-25). - Action: termination - Agreement: credit facility - Counterparty: Bank of America, N.A. - Value: $300.0 million term loan credit agreement terminated - Effective: 2023-07-25 source text: Concurrently with entering into the New Revolving Credit Agreement, on July 25, 2023, the Company terminated (i) its $500.0 million revolving credit agreement (the "Original Credit Agreement") with Bank of America, N.A. and the other lenders party thereto, which, by its terms was scheduled to mature on September 7, 2023 and (ii) its $300.0 million term loan credit agreement (the "Term Loan") with Bank of America, N.A. and the other lenders party thereto, which, by its terms was scheduled to mature on September 8, 2025. evidence_url: https://www.sec.gov/Archives/edgar/data/38777/000003877723000109/0000038777-23-000109-index.htm - Material Agreements FRANKLIN RESOURCES INC entered into New Revolving Credit Agreement with Bank of America, N.A. valued at $800,000,000 revolving credit facility (effective 2023-07-25). - Action: entry - Agreement: credit facility - Counterparty: Bank of America, N.A. - Value: $800,000,000 revolving credit facility - Effective: 2023-07-25 source text: On July 25, 2023 (the "Closing Date"), Franklin Resources, Inc., a Delaware corporation (the "Company"), entered into a new Credit Agreement (the "New Revolving Credit Agreement"), by and among the Company, as borrower, the financial institutions from time to time party thereto, as lenders, and Bank of America, N.A. ("Bank of America"), as administrative agent. evidence_url: https://www.sec.gov/Archives/edgar/data/38777/000003877723000109/0000038777-23-000109-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.