By Stephanie N. Rotondo
Seattle, Sept. 28 – Goldman Sachs BDC Inc. sold $100 million of 4.5% convertible senior notes due April 1, 2022 at par to yield 4.5% with an initial conversion premium of 10% on Tuesday, the company said in a press release on Wednesday.
The Rule 144A deal has a $15 million greenshoe and is being led by bookrunner BofA Merrill Lynch.
The initial conversion rate is 40.8397 common shares per each $1,000 of notes, or an initial conversion price of $24.49.
Upon conversion, the company will deliver shares of common stock or a combination of cash and shares at the company’s election.
The issue is non-callable. Interest is payable semiannually.
Proceeds will be used to pay down debt under the company’s revolving credit facility.
New York-based Goldman Sachs BDC is a specialty finance company formed by Goldman Sachs Inc. to invest primarily in middle-market companies in the United States.
| Issuer: | Goldman Sachs BDC Inc.
|
| Securities: | Convertible senior notes
|
| Amount: | $100 million
|
| Greenshoe: | $15 million
|
| Maturity: | April 1, 2022
|
| Bookrunner: | BofA Merrill Lynch
|
| Coupon: | 4.5%
|
| Price: | Par of $1,000
|
| Yield: | 4.5%
|
| Conversion premium: | 10%
|
| Conversion price: | $24.49
|
| Conversion rate: | 40.8397 common shares per each $1,000 of notes
|
| Call option: | Non-callable
|
| Pricing date: | Sept. 27
|
| Settlement date: | Oct. 3
|
| Distribution: | Rule 144A
|
| Stock symbol: | NYSE: GSBD
|
| Stock reference price: | $22.26 at close on Sept. 27
|
| Market capitalization: | $790.54 million
|
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