Casey Alexander

Finian O'Shea

Derek Hewett

Heli Sheth

Robert Dodd

- **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)