---
schema_version: "secwatch.filing_event.v1"
accession: "0001379785-25-000041"
form_type: "8-K"
ticker: "BBDC"
cik: "0001379785"
company_name: "Barings BDC, Inc."
filed_at: "2025-09-15T23:59:59+00:00"
generated_at: "2026-05-17T06:36:35.389925+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Barings BDC issues $300M 5.200% notes due 2028, net proceeds ~$294.7M to repay credit facility

## Summary
- $300M aggregate principal of 5.200% notes due Sept 15, 2028; semi-annual interest starting Mar 15, 2026.
- Net proceeds ~$294.7M after underwriting discounts and expenses; used to repay senior secured credit facility.
- Notes are unsecured, rank pari passu with existing unsecured debt and structurally junior to subsidiary debt.
- Entered $300M notional interest rate swap: receives 5.200% fixed, pays SOFR + 2.059% semi-annually.
- Indenture includes asset coverage covenant under Investment Company Act and change-of-control repurchase provision.

## SEC filing metadata
- accession: 0001379785-25-000041
- form_type: 8-K
- ticker: BBDC
- cik: 0001379785
- company_name: Barings BDC, Inc.
- filed_at: 2025-09-15T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1379785/000137978525000041/0001379785-25-000041-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1379785/000137978525000041/bbdc-20250915.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001379785-25-000041
- JSON: https://secwatch.observer/filing/0001379785-25-000041.json
- Plain text: https://secwatch.observer/filing/0001379785-25-000041.txt

## Key facts
- Debt Financings
  Barings BDC, Inc. incurred senior notes of $300.0 million aggregate principal amount with U.S. Bank Trust Company, National Association, as trustee at 5.200% per year maturing September 15, 2028.
  - Instrument: senior notes
  - Principal: $300.0 million aggregate principal amount
  - Counterparty: U.S. Bank Trust Company, National Association, as trustee
  - Rate: 5.200% per year
  - Maturity: September 15, 2028
  - Event: incurrence
  source text: Third Supplemental Indenture, dated September 15, 2025, to the indenture between the Company and the Trustee, dated November 23, 2021 (the “Base Indenture” and, together with the Third Supplemental Indenture, the “Indenture”). The Third Supplemental Indenture relates to the Company’s issuance of $300.0 million aggregate principal amount of its 5.200% notes due 2028 (the “Notes”). The Notes will mature on September 15, 2028
  evidence_url: https://www.sec.gov/Archives/edgar/data/1379785/000137978525000041/0001379785-25-000041-index.htm

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