Private credit ·
Facility lenders cap 'broad software' at 20.0% of Concentration Denominator for First Eagle's non-traded BDC
The Oct. 1, 2026 Fourth Amendment (8-K filed Oct. 5, accession 0001193125-26-414009) to the $350m facility (Morgan Stanley Bank $250m + Western Alliance Bank $100m; MS Senior Funding admin agent) caps Broad Software (software, IT services, healthcare tech) at 20.0% of the Concentration Denominator (eligible collateral), not the borrowing base, and cuts the Recurring Revenue Loan advance rate to 50% from 60%, while the revolving margin falls 30bp to 2.25%.
Why it matters for deal teams: The filing itself gives no reason for the changes. AltsWire (Oct 7) frames software-cap risk separately; that framing is not a statement by First Eagle or its lenders. Test your own facility concentration limits against the new-style caps before the next amendment cycle.
Source: SEC Form 8-K / Exhibit 10.1 (AltsWire secondary) ↗ · more ↗