Barings BDC pro forma NAV per share rises to $11.75 in Sierra acquisition capitalization update

Barings BDC, Inc.

Pro forma net assets of $1.31B and NAV per share of $11.75, versus BBDC actual $11.40 and Sierra actual $5.32 as of 9/30/21.
Pro forma total investments at fair value of $2.18B (BBDC actual $1.65B, Sierra actual $544M).
All of Sierra's $74.9M cash assumed used to repay its credit facility and transaction costs, leaving combined cash ~$11.1M.
BBDC to issue ~45.997M shares (~0.44973 exchange ratio) to Sierra stockholders; outstanding shares pro forma ~111.3M.
Pro forma includes estimated ~$16.3M reduction in fair value of Sierra's investments and $50M credit support agreement value.

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