Published on 11/19/2020 in the Prospect News Investment Grade Daily.
New Issue: Goldman Sachs BDC sells $500 million 2.875% notes due 2026 at 255 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Nov. 19 – Goldman Sachs BDC, Inc. priced an upsized $500 million of 2.875% senior notes due Jan. 15, 2026 (Baa3//BBB-) on Thursday at a spread of 255 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 275 bps area.
The deal was upsized from $400 million.
The notes priced at 99.717 to yield 2.934%.
Bookrunners were BofA Securities Inc., MUFG, SMBC Nikko Securities America Inc., Truist Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ICBC Standard Bank plc, Morgan Stanley & Co. LLC and R. Seelaus & Co., LLC.
Proceeds will be used to pay down debt under the company’s revolving credit facility.
New York-based Goldman Sachs BDC was formed by Goldman Sachs Group Inc. as a specialty finance business development company that invests in middle-market companies.
| Issuer: | Goldman Sachs BDC, Inc.
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| Amount: | $500 million
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| Maturity: | Jan. 15, 2026
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| Description: | Senior notes
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| Bookrunners: | BofA Securities Inc., MUFG, SMBC Nikko Securities America Inc., Truist Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ICBC Standard Bank plc, Morgan Stanley & Co. LLC and R. Seelaus & Co., LLC
|
| Co-managers: | BNP Paribas Securities Corp., Barclays, CIBC World Markets Corp., Credit Suisse Securities (USA) LLC, ING Financial Markets LLC, Raymond James & Associates, Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 2.875%
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| Price: | 99.717
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| Yield: | 2.934%
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| Spread: | Treasuries plus 255 bps
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| Call features: | Make-whole call at Treasuries plus 40 bps before Dec. 15, 2025; thereafter at par
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| Trade date: | Nov. 19
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| Settlement date: | Nov. 24
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| Ratings: | Moody’s: Baa3
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| Fitch: BBB-
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| Distribution: | SEC registered
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| Price guidance: | Treasuries plus 275 bps area
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