Goldman Sachs BDC greenshoe exercised, ups convertibles to $115 million

By Marisa Wong

Morgantown, W.Va., Oct. 3 – Goldman Sachs BDC Inc. said the underwriters of its recent offering of 4.5% convertible senior notes due April 1, 2022 exercised their $15 million over-allotment option in full, bringing the total issue size to $115 million. The deal settled on Monday.

The company priced $100 million of the 5.5-year convertibles at par to yield 4.5% with an initial conversion premium of 10% on Sept. 27, as previously reported.

The Rule 144A deal was led by bookrunner BofA Merrill Lynch.

The initial conversion rate is 40.8397 common shares per $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.

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