Issuer:
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Barings BDC, Inc. (the “Company”)
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Security Title:
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7.000% Notes due 2029
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Expected Ratings*:
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Baa3 / BBB- (Moody’s / Fitch)
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Aggregate Principal Amount Offered:
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$300,000,000
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Trade Date:
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February 7, 2024
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Settlement Date**:
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February 12, 2024 (T+3)
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Maturity Date:
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February 15, 2029, unless earlier repurchased or redeemed
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Interest Payment Dates:
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February 15 and August 15, commencing August 15, 2024
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Price to Public (Issue Price):
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The Notes will be issued at a price of 98.948% of their principal amount, plus accrued interest, if any, from February 12, 2024
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Coupon (Interest Rate):
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7.000%
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Yield to Maturity:
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7.254%
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Spread to Benchmark Treasury:
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T + 320 basis points
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Benchmark Treasury:
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4.000% due January 31, 2029
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Benchmark Treasury Price and Yield:
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99-24 ¼ / 4.054%
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Optional Redemption:
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Prior to January 15, 2029 (one month prior to their maturity date) (the “Par Call Date”), the Company may redeem the Notes at its option, in whole or in part, at
any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:
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(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points less (b) interest accrued to the date of redemption, or |
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100% of the principal amount of the Notes to be redeemed, | |
plus, in either case, accrued and unpaid interest thereon to the redemption date.
On or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to
time, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to the redemption date.
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Denomination:
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$2,000 and integral multiples of $1,000 in excess thereof
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CUSIP / ISIN:
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06759L AD5 / US06759LAD55
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Joint Book-Running Managers:
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Wells Fargo Securities, LLC
SMBC Nikko Securities America, Inc.
BMO Capital Markets Corp.
Fifth Third Securities, Inc.
ING Financial Markets LLC
J.P. Morgan Securities LLC
BNP Paribas Securities Corp.
MUFG Securities Americas Inc.
Regions Securities LLC
SG Americas Securities, LLC
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Co-Managers:
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BofA Securities, Inc.
Citigroup Global Markets Inc.
R. Seelaus & Co., LLC
Roberts & Ryan, Inc.
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*Note: |
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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