Published on 2/7/2020 in the Prospect News Investment Grade Daily.
New Issue: Goldman Sachs BDC details $360 million sale of 3.75% five-year notes
By Cristal Cody
Tupelo, Miss., Feb. 7 – Goldman Sachs BDC, Inc. gave additional details of its $360 million sale of 3.75% five-year senior notes (Baa3//BBB-) in an FWP filing with the Securities and Exchange Commission on Friday.
The notes priced Thursday at 99.91 to yield 3.77% and a spread of 230 basis points over Treasuries.
Initial price talk was in the Treasuries plus 240 bps area.
The offering was upsized from $300 million.
Bookrunners were BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ICBC Standard Bank plc, MUFG, R. Seelaus & Co., LLC, SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey, Inc.
Proceeds will be used to repay 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.
|
| Amount: | $360 million
|
| Maturity: | Feb. 10, 2025
|
| Description: | Senior notes
|
| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ICBC Standard Bank plc, MUFG, R. Seelaus & Co., LLC, SMBC Nikko Securities America, Inc. and SunTrust Robinson Humphrey, Inc.
|
| Co-managers: | BMO Capital Markets Corp., BNP Paribas Securities Corp., CIBC World Markets Corp., Credit Suisse Securities (USA) LLC, ING Financial Markets LLC, Raymond James & Associates, Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 3.75%
|
| Price: | 99.91
|
| Yield: | 3.77%
|
| Spread: | Treasuries plus 230 bps
|
| Call feature: | Make-whole call at greater of par or Treasuries plus 35 bps before Jan. 10, 2025; thereafter at par
|
| Trade date: | Feb. 6
|
| Settlement date: | Feb. 10
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
| Price guidance: | Treasuries plus 240 bps area
|
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