Barings BDC completes merger with Sierra Income; combined AUM > $2.7B

Barings BDC, Inc.

Merger closed Feb 25, 2022; Sierra shareholders receive 0.44973 BBDC shares + $0.9783641 cash per share.
Combined pro forma AUM > $2.7B; former Sierra stockholders own 41.3% of combined company.
Barings LLC provides up to $100M credit support against net cumulative losses on Sierra portfolio over 10 years.
Second amended advisory agreement increases incentive fee hurdle rate from 8.00% to 8.25% annualized.
Board expands to 10; appoints Byers and Lancaster-Beal as independent directors; $30M share repurchase if price < 90% NAV.

item 1.01 item 2.01 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Steve Byers

Director

BBDC · Barings BDC, Inc.

Effective: 2022-02-25
Filed: March 3, 2022, 6:59 PM ET

the Board increased the size of the Board from eight directors to 10 directors and appointed Steve Byers and Valerie Lancaster-Beal, both former directors of Sierra who were selected by the Company, to fill the vacancies created by the expansion of the Board.

Appointed

Valerie Lancaster-Beal

Director

BBDC · Barings BDC, Inc.

Effective: 2022-02-25
Filed: March 3, 2022, 6:59 PM ET

the Board increased the size of the Board from eight directors to 10 directors and appointed Steve Byers and Valerie Lancaster-Beal, both former directors of Sierra who were selected by the Company, to fill the vacancies created by the expansion of the Board.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Steve Byers was appointed as Director at Barings BDC, Inc..

Action: appointed
Role: Director

Exact text from the filing

the Board increased the size of the Board from eight directors to 10 directors and appointed Steve Byers and Valerie Lancaster-Beal, both former directors of Sierra who were selected by the Company, to fill the vacancies created by the expansion of the Board.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Valerie Lancaster-Beal was appointed as Director at Barings BDC, Inc..

Action: appointed
Role: Director

Exact text from the filing

the Board increased the size of the Board from eight directors to 10 directors and appointed Steve Byers and Valerie Lancaster-Beal, both former directors of Sierra who were selected by the Company, to fill the vacancies created by the expansion of the Board.

View on SEC.gov

Barings BDC, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-22-007670

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