Casey Alexander

Finian O'Shea

Derek Hewett

Heli Sheth

Robert Dodd

- The Business Development Bank of Canada (BDC) will make **$700 million** in new term loans or letters of credit available to the country's softwood lumber businesses, as announced on **October 15, 2025**.  **[1379785_82e24363cd3f4494932f12e5db311090_0]** 
- This program is designed to help eligible softwood sawmills, lumbermills, and remanufacturers, especially those exporting to the United States, manage the financial strain of collateral or bonds related to duty payments.  **[1379785_82e24363cd3f4494932f12e5db311090_0]** 
- BDC will deliver this support by providing guarantees to the financial institutions of eligible businesses, aiming to reduce funding time and administrative requirements.  **[1379785_82e24363cd3f4494932f12e5db311090_0]** 
- This initiative follows more than **$500 million** in tariff-specific solutions previously delivered by BDC through its "Pivot to Grow" program, which is also available to the forestry industry.  **[1379785_82e24363cd3f4494932f12e5db311090_0]**

BDC announces new $700 million liquidity program for softwood lumber sector

- **Barings BDC, Inc.** issued **$300.0 million** aggregate principal amount of **5.200% Notes due 2028** on **September 15, 2025**.  **[1379785_0001379785-25-000041_exhibit41-bbdcxthirdsupple.htm:0]** **[1379785_0001379785-25-000041_bbdc-20250915.htm:1]** 
- These **general unsecured obligations** will **mature on September 15, 2028**, and bear interest at a rate of **5.200% per year**, payable semi-annually starting March 15, 2026.  **[1379785_0001379785-25-000041_bbdc-20250915.htm:1]** **[1379785_0001379785-25-000041_exhibit41-bbdcxthirdsupple.htm:1]** **[1379785_0001379785-25-000041_exhibit41-bbdcxthirdsupple.htm:2]** 
- The **net proceeds** of approximately **$294.7 million** will be used to **repay indebtedness** under the Company's senior secured credit facility.  **[1379785_0001379785-25-000041_bbdc-20250915.htm:1]** 
- In connection with the Notes, the Company entered into a **$300.0 million notional value interest rate swap** maturing on September 15, 2028, where it receives a fixed interest rate of 5.200% and pays a compounded daily rate of SOFR plus 2.059%.  **[1379785_0001379785-25-000041_bbdc-20250915.htm:2]**

Barings BDC, Inc. Issues $300 Million 5.200% Notes Due 2028

- Barings BDC, Inc. (BBDC) entered into an underwriting agreement on **September 8, 2025**, for the issuance and sale of **$300 million** in aggregate principal amount of its **5.200% senior, unsecured notes due 2028**.  **[1379785_0001379785-25-000037_bbdc-20250908.htm:1]** **[1379785_0001379785-25-000037_exhibit11underwritingagree.htm:43]** 
- The notes have a trade date of **September 8, 2025**, and an expected settlement date of **September 15, 2025**.  **[1379785_0001379785-25-000037_exhibit11underwritingagree.htm:43]** 
- The notes were priced at **99.281%** of their principal amount, resulting in a yield to maturity of **5.463%**.  **[1379785_0001379785-25-000037_exhibit11underwritingagree.htm:43]** 
- The expected ratings for the notes are **Baa3** from Moody’s and **BBB-** from Fitch.  **[1379785_0001379785-25-000037_exhibit11underwritingagree.htm:43]**

Barings BDC, Inc. Announces $300 Million Notes Offering

- KBRA assigned a **BBB rating** with a **Stable Outlook** to Bain Capital Private Credit's (BCPC) **$275 million senior unsecured notes** due 2028 and 2030.  **[1379785_b155c053c2c14ca9bd38c0aab969a76a_0]** 
- The proceeds from the notes will be used to **repay secured debt**, which is expected to increase BCPC's pro forma unsecured debt to total debt to **~46%**.  **[1379785_b155c053c2c14ca9bd38c0aab969a76a_0]** 
- The rating is supported by BCPC's ties to the **$54 billion Bain Capital Credit platform**, its **well-diversified $1.2 billion investment portfolio** (89% senior secured first lien loans), and **solid liquidity** with **$357.9 million in available credit lines** as of June 30, 2025.  **[1379785_b155c053c2c14ca9bd38c0aab969a76a_0]** 
- As of June 30, 2025, BCPC's gross leverage was **0.92x** and net leverage was **0.85x**, which is within its target range of 0.75x-1.25x, and its asset coverage was **208.8%**.  **[1379785_b155c053c2c14ca9bd38c0aab969a76a_1]**

Barings BDC (BBDC)