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<title>ben-20220110</title></head><body><div style="display:none"><ix:header><ix:hidden><ix:nonNumeric contextRef="i2f263c6382b844259454a82bb7a4ba97_D20220110-20220110" name="dei:EntityCentralIndexKey" id="id3VybDovL2RvY3MudjEvZG9jOjdlMDg4YjBiZWE2YTRmM2ZhNGY5NmMwNGIwNzE5YTRjL3NlYzo3ZTA4OGIwYmVhNmE0ZjNmYTRmOTZjMDRiMDcxOWE0Y180L2ZyYWc6YjI1MzczYzAxMjk5NDZlNGIyYTZiZDk2ZjYyMjFmYmIvdGFibGU6MjJkYjE2YjAxNzJiNDIwN2FjOTI2ZjZjNjU1Yzk2YzcvdGFibGVyYW5nZToyMmRiMTZiMDE3MmI0MjA3YWM5MjZmNmM2NTVjOTZjN18xLTEtMS0xLTI0MTA3MA_3a76e410-2d00-4f95-b025-87b0450d550b">0000038777</ix:nonNumeric><ix:nonNumeric contextRef="i2f263c6382b844259454a82bb7a4ba97_D20220110-20220110" name="dei:AmendmentFlag" 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style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:16pt;font-weight:700;line-height:120%">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</span></div><div style="margin-top:9pt;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Washington, D.C. 20549</span></div><div><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:18pt;font-weight:700;line-height:120%">FORM <ix:nonNumeric contextRef="i2f263c6382b844259454a82bb7a4ba97_D20220110-20220110" name="dei:DocumentType" 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id="id3VybDovL2RvY3MudjEvZG9jOjdlMDg4YjBiZWE2YTRmM2ZhNGY5NmMwNGIwNzE5YTRjL3NlYzo3ZTA4OGIwYmVhNmE0ZjNmYTRmOTZjMDRiMDcxOWE0Y18xL2ZyYWc6MGZjMzUzYjc3MTViNDJjOTlhYTk5NjkxYmIyMGJlN2YvdGV4dHJlZ2lvbjowZmMzNTNiNzcxNWI0MmM5OWFhOTk2OTFiYjIwYmU3Zl8xNzMx_0499e986-30ef-49e3-9c54-1103eec38266">650</ix:nonNumeric>) <ix:nonNumeric contextRef="i2f263c6382b844259454a82bb7a4ba97_D20220110-20220110" name="dei:LocalPhoneNumber" id="id3VybDovL2RvY3MudjEvZG9jOjdlMDg4YjBiZWE2YTRmM2ZhNGY5NmMwNGIwNzE5YTRjL3NlYzo3ZTA4OGIwYmVhNmE0ZjNmYTRmOTZjMDRiMDcxOWE0Y18xL2ZyYWc6MGZjMzUzYjc3MTViNDJjOTlhYTk5NjkxYmIyMGJlN2YvdGV4dHJlZ2lvbjowZmMzNTNiNzcxNWI0MmM5OWFhOTk2OTFiYjIwYmU3Zl8xNzM0_46f15630-5afc-436c-9e95-9790d91a4560">312-2000</ix:nonNumeric> </span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not Applicable</span></div><div style="text-align:center"><span 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emerging growth company&#160;&#160;&#160;&#160;</span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="i2f263c6382b844259454a82bb7a4ba97_D20220110-20220110" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="id3VybDovL2RvY3MudjEvZG9jOjdlMDg4YjBiZWE2YTRmM2ZhNGY5NmMwNGIwNzE5YTRjL3NlYzo3ZTA4OGIwYmVhNmE0ZjNmYTRmOTZjMDRiMDcxOWE0Y18xL2ZyYWc6MGZjMzUzYjc3MTViNDJjOTlhYTk5NjkxYmIyMGJlN2YvdGV4dHJlZ2lvbjowZmMzNTNiNzcxNWI0MmM5OWFhOTk2OTFiYjIwYmU3Zl8xNzMy_745eb483-bcff-4bf0-adce-b66b050d49da">&#9744;</ix:nonNumeric></span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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&#160;13(a) of the Exchange Act.&#160;&#160;</span><span style="color:#000000;font-family:'Arial Unicode MS',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9744;</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;</span></div><div style="text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i7e088b0bea6a4f3fa4f96c04b0719a4c_7"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Item 1.01  Entry into a Material Definitive Agreement.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">2022 Credit Agreement</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 10, 2022 (the &#8220;Closing Date&#8221;), Franklin Resources, Inc., a Delaware corporation (the &#8220;Company&#8221;), entered into a credit agreement (the &#8220;2022 Credit Agreement&#8221;), by and among the Company, as borrower, the financial institutions from time to time party thereto, as lenders, and Bank of America, N.A., as administrative agent, pursuant to which the Company established a 364 day revolving credit facility with aggregate commitments of $500,000,000 (the &#8220;Revolving Credit Facility&#8221;).  As of the Closing Date, there were no amounts outstanding under the 2022 Credit Agreement.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Amounts outstanding under the 2022 Credit Agreement bear interest at an annual rate equal to, at the option of the Company, either (i) a base rate equal to the highest of (a) the federal funds rate plus 0.5%, (b) the prime rate of Bank of America, N.A., (c) the Bloomberg Short-Term Bank Yield Index rate (the &#8220;BSBY Rate&#8221;) plus 1.00%, and (d) 1.00%, plus, in each case, an applicable margin equal to 0.65%; or (ii) the BSBY rate (provided that the BSBY Rate shall not be less than 0.00%), plus an applicable margin equal to 0.65%. The Company is also required to pay an annual commitment fee equal to 0.05% on the average unused amount of the Revolving Credit Facility payable quarterly.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At any time, subject to timely prior written notice, the Company may terminate the commitments under the Revolving Credit Facility in full or in part or prepay loans outstanding under the Revolving Credit Facility in whole or in part, subject to the payment of BSBY breakage fees, if any.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2022 Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the Company&#8217;s subsidiaries to incur additional indebtedness and limit the ability of the Company and its subsidiaries to create liens, merge or dissolve, dispose of assets and change the nature of their respective business, subject to customary exceptions, thresholds, qualifications and &#8220;baskets.&#8221; In addition, the 2022 Credit Agreement contains a financial performance covenant, requiring that the Company maintains a consolidated net leverage ratio, measured as of the last day of each fiscal quarter, of no greater than 3.00 to 1.00.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The repayment obligation under the 2022 Credit Agreement may be accelerated (and commitments under the Revolving Credit Facility terminated) upon the occurrence of an event of default thereunder, including, among other things, failure to pay principal or interest on a timely basis, material inaccuracy of any representation or warranty, failure to comply with covenants, cross-default, change of control, certain insolvency or bankruptcy-related events and material judgments, subject, in each case, to any applicable grace and/or cure periods.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Borrowings under the 2022 Credit Agreement may be used for general corporate purposes.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The foregoing description of the 2022 Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the 2022 Credit Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Item 2.03  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The disclosure contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Item 9.01  Financial Statements and Exhibits.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(d)&#160;&#160;&#160;&#160;Exhibits.</span></div><div id="i7e088b0bea6a4f3fa4f96c04b0719a4c_10"></div><div style="-sec-extract:summary;margin-top:8pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:9.457%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.533%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:87.610%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exhibit No.</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Description</span></td></tr><tr><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.1&#160;</span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit101creditagreement.htm">Credit Agreement, dated as of January 10, 2022, by and among Franklin Resources, Inc., as borrower, the financial institutions from time to time party thereto, as lenders, and Bank of America, N.A., as administrative agent.</a></span></div></td></tr><tr><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 2 - </span></div><div style="text-align:center"><span><br/></span></div></div></div><div id="i7e088b0bea6a4f3fa4f96c04b0719a4c_13"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div><div><span><br/></span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:4.756%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.992%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:53.952%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">FRANKLIN&#160;RESOURCES,&#160;INC.</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date:</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 14, 2022</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/&#160;Thomas C. Merchant</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name: Thomas C. Merchant</span></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title: Vice President and Secretary</span></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 3 -</span></div><div style="text-align:center"><span><br/></span></div></div></div></body></html>
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ben-20220110
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 10, 2022
FRANKLIN RESOURCES, INC.
(Exact name of registrant as specified in its charter)
Delaware
001-09318
13-2670991
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
One Franklin Parkway
,
San Mateo
,
CA
94403
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:  (
650
)
312-2000
Not Applicable
(Former name or former address, if changed since 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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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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 class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.10 per share
BEN
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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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.
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Item 1.01  Entry into a Material Definitive Agreement.
2022 Credit Agreement
On January 10, 2022 (the "Closing Date"), Franklin Resources, Inc., a Delaware corporation (the "Company"), entered into a credit agreement (the "2022 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., as administrative agent, pursuant to which the Company established a 364 day revolving credit facility with aggregate commitments of $500,000,000 (the "Revolving Credit Facility").  As of the Closing Date, there were no amounts outstanding under the 2022 Credit Agreement.
Amounts outstanding under the 2022 Credit Agreement bear interest at an annual rate equal to, at the option of the Company, either (i) a base rate equal to the highest of (a) the federal funds rate plus 0.5%, (b) the prime rate of Bank of America, N.A., (c) the Bloomberg Short-Term Bank Yield Index rate (the "BSBY Rate") plus 1.00%, and (d) 1.00%, plus, in each case, an applicable margin equal to 0.65%; or (ii) the BSBY rate (provided that the BSBY Rate shall not be less than 0.00%), plus an applicable margin equal to 0.65%. The Company is also required to pay an annual commitment fee equal to 0.05% on the average unused amount of the Revolving Credit Facility payable quarterly.
At any time, subject to timely prior written notice, the Company may terminate the commitments under the Revolving Credit Facility in full or in part or prepay loans outstanding under the Revolving Credit Facility in whole or in part, subject to the payment of BSBY breakage fees, if any.
The 2022 Credit Agreement contains customary affirmative and negative covenants, including covenants that affect, among other things, the ability of the Company's subsidiaries to incur additional indebtedness and limit the ability of the Company and its subsidiaries to create liens, merge or dissolve, dispose of assets and change the nature of their respective business, subject to customary exceptions, thresholds, qualifications and "baskets." In addition, the 2022 Credit Agreement contains a financial performance covenant, requiring that the Company maintains a consolidated net leverage ratio, measured as of the last day of each fiscal quarter, of no greater than 3.00 to 1.00.
The repayment obligation under the 2022 Credit Agreement may be accelerated (and commitments under the Revolving Credit Facility terminated) upon the occurrence of an event of default thereunder, including, among other things, failure to pay principal or interest on a timely basis, material inaccuracy of any representation or warranty, failure to comply with covenants, cross-default, change of control, certain insolvency or bankruptcy-related events and material judgments, subject, in each case, to any applicable grace and/or cure periods.
Borrowings under the 2022 Credit Agreement may be used for general corporate purposes.
The foregoing description of the 2022 Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the 2022 Credit Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item 2.03  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
The disclosure contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01  Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.
Description
10.1
Credit Agreement, dated as of January 10, 2022, by and among Franklin Resources, Inc., as borrower, the financial institutions from time to time party thereto, as lenders, and Bank of America, N.A., as administrative agent.
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
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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 RESOURCES, INC.
Date:
January 14, 2022
/s/ Thomas C. Merchant
Name: Thomas C. Merchant
Title: Vice President and Secretary
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