secwatch.observer — SEC 8-K summary
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Issuer:     Franklin BSP Capital Corp (FRBP)
CIK:        0001825248
Form:       8-K
Filed at:   2024-01-24T23:59:59+00:00
Accession:  0001213900-24-006162
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.80
Item codes: 1.01, 2.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Franklin BSP Capital Corp completes merger with FBLC; advisory fees raised
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- Merger closed Jan 24, 2024: FBLC merged into FBCC, which is the surviving company advised by Franklin BSP Capital Adviser.
- Combined pro forma total assets >$3.8B, net assets ~$2.1B as of Sep 30, 2023; legacy FBCC holders own 19.3%, former FBLC holders 80.7%.
- FBLC shareholders received 0.4647 shares of FBCC per share; ~110M shares issued to former FBLC stockholders.
- Amended advisory agreement: base fee 1.50% of avg gross assets (1.00% on debt-funded assets above 1.0x debt/equity); incentive fee increased to 17.5% on income with catch-up.
- Management expects deal to be immediately accretive and unlock ~$700M of capital for deployment in attractive origination.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1825248/000121390024006162/0001213900-24-006162-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1825248/000121390024006162/ea191916-8k_franklinbsp.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-006162

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