Casey Alexander

Finian O'Shea

Derek Hewett

Heli Sheth

Robert Dodd

- 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 Inc (BBDC)