---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-21-038437"
form_type: "8-K"
ticker: "BBDC"
cik: "0001379785"
company_name: "Barings BDC, Inc."
filed_at: "2021-11-18T23:59:59+00:00"
generated_at: "2026-06-28T06:55:36.089734+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-21-038437
- form_type: 8-K
- ticker: BBDC
- cik: 0001379785
- company_name: Barings BDC, Inc.
- filed_at: 2021-11-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1379785/000114036121038437/0001140361-21-038437-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1379785/000114036121038437/brhc10030968_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-21-038437
- JSON: https://secwatch.observer/filing/0001140361-21-038437.json
- Plain text: https://secwatch.observer/filing/0001140361-21-038437.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.