By Devika Patel and Cristal Cody
Knoxville, Tenn., Nov. 18 – Barings BDC, Inc. sold an upsized $350 million of 3.3% five-year senior notes on Thursday, according to a press release and an 8-K filed with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 230 basis points area for $300 million of notes, a market source told Prospect News.
ING Financial Markets LLC, J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC were working as bookrunners.
Proceeds will be used to repay debt under Barings’ senior secured revolving credit facility with ING Capital LLC, to make investments in portfolio companies and for general corporate purposes.
Based in Charlotte, N.C., Barings is a business development company that primarily makes debt investments in middle-market companies.
| Issuer: | Barings BDC, Inc.
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| Amount: | $350 million
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| Description: | Senior notes
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| Maturity: | Nov. 23, 2026
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| Bookrunners: | ING Financial Markets LLC, J.P. Morgan Securities LLC, MUFG and Wells Fargo Securities LLC
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| Coupon: | 3.3%
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| Call: | Make-whole call, then a par call
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| Pricing date: | Nov. 18
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| Settlement date: | Nov. 23
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| Distribution: | Rule 144A and Regulation S
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| Price guidance: | Treasuries plus 230 bps area
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