Benefit Street registers $150 million initial public offering of stock

By Toni Weeks

San Diego, March 20 - Benefit Street Partners BDC, Inc. has registered $150 million of common stock in the firm's initial public offering, according to an N-2 filing with the Securities and Exchange Commission.

Deutsche Bank Securities and Citigroup are the underwriters for the offering.

The newly organized finance company seeks to generate current income and capital appreciation by investing primarily in secured debt, including senior secured, unitranche and second-lien debt, and unsecured debt, including senior unsecured and subordinated debt, as well as related equity securities issued by private U.S. middle-market companies.

The company will target companies with earnings of about $5 million to $50 million.

The portfolio managers will be Thomas J. Gahan and Michael E. Paasche.

Offering expenses have not yet been determined.

New York-based Benefit Street Partners LLC, an affiliate of Providence Equity Parners LLC, is the investment adviser.

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