Maryland
|
814-00733
|
06-1798488
|
||
(State or Other Jurisdiction of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
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300 South Tryon Street, Suite 2500
Charlotte, North Carolina
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28202
|
|
(Address of Principal Executive Offices)
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(Zip Code)
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Title of Each Class
|
Trading Symbol
|
Name of Each Exchange on Which Registered
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Common Stock, par value $0.001 per share
|
BBDC
|
The New York Stock Exchange
|
☒ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01. |
Regulation FD Disclosure.
|
(1) |
on an actual basis; and
|
(2) |
on an as adjusted basis giving effect to the Sierra Acquisition, as described in the footnotes to the “Capitalization” table below.
|
|
As of September 30, 2021 (Unaudited)
|
|||||||||||
|
Barings Actual
|
Sierra Actual
|
Pro forma for
the Sierra
Acquisition
|
|||||||||
Assets:
|
||||||||||||
Investments at fair value
|
||||||||||||
Non-Control / Non-Affiliate investments (Barings cost of $1,346,611 at September 30, 2021)
|
$
|
1,355,088
|
$ |
423,154
|
$ |
1,765,548
|
(1)
|
|||||
Affiliate investments (Barings cost of $211,274 at September 30, 2021)
|
223,000
|
18,843
|
241,278
|
(1)
|
||||||||
Control investments (Barings cost of $25,826 at September 30, 2021)
|
24,395
|
102,271
|
123,597
|
(1)
|
||||||||
Short-term investments (Barings cost of $50,000 at September 30, 2021)
|
50,000
|
—
|
50,000
|
|||||||||
Total investments at fair value
|
1,652,483
|
544,268
|
2,180,423
|
(1)
|
||||||||
Cash (Barings restricted cash of $0 at September 30, 2021)
|
30,248
|
74,931
|
11,079
|
(2)
|
||||||||
Foreign currencies (Barings cost of $11,311 at September 30, 2021)
|
11,137
|
—
|
11,137
|
|||||||||
Interest and fees receivable
|
24,997
|
4,321
|
29,318
|
|||||||||
Prepaid expenses and other assets
|
1,786
|
2,754
|
4,540
|
|||||||||
Credit support agreement (Barings cost of $13,600 at September 30, 2021)
|
14,300
|
—
|
64,300
|
(3)
|
||||||||
Deferred financing fees
|
3,145
|
—
|
3,145
|
|||||||||
Receivable from unsettled transactions
|
61,438
|
9,240
|
70,678
|
|||||||||
Total assets
|
$
|
1,799,534
|
$
|
635,514
|
$
|
2,374,620
|
||||||
Liabilities:
|
||||||||||||
Accounts payable and accrued liabilities
|
2,711
|
5,084
|
7,795
|
|||||||||
Interest payable
|
4,318
|
217
|
4,535
|
|||||||||
Administrative fees payable
|
750
|
442
|
1,192
|
|||||||||
Base management fees payable
|
5,274
|
2,780
|
8,054
|
|||||||||
Incentive management fees payable
|
4,443
|
—
|
4,443
|
|||||||||
Derivative liabilities
|
229
|
—
|
229
|
|||||||||
Payable from unsettled transactions
|
59
|
—
|
59
|
|||||||||
Borrowings under credit facilities
|
662,664
|
79,000
|
662,664
|
(2)
|
||||||||
Notes payable (net of deferred financing fees)
|
374,265
|
—
|
374,265
|
|||||||||
Deferred tax liability
|
—
|
3,017
|
3,017
|
|||||||||
Taxes payable
|
—
|
933
|
933
|
|||||||||
Total liabilities
|
$
|
1,054,712
|
$ |
91,473
|
$
|
1,067,186
|
||||||
Net Assets
|
||||||||||||
Common stock Outstanding as of September 30, 2021, (Barings common stock $0.001 par value per share, 150,000,000 shares
authorized and 65,316,085 shares issued and outstanding) (Sierra common stock $0.001**)
|
65
|
102
|
167
|
(4)
|
||||||||
Additional paid-in capital
|
1,027,707
|
848,736
|
1,876,443
|
|||||||||
Total distributable earnings (loss)
|
(282,951
|
)
|
(304,796
|
)
|
(569,175
|
) |
||||||
Total net assets
|
744,822
|
544,042
|
1,307,434
|
|||||||||
Net asset value per share
|
$
|
11.40
|
$
|
5.32
|
$
|
11.75
|
Barings BDC, Inc.
|
||
Date: November 18, 2021
|
By:
|
/s/ Jonathan Bock
|
Jonathan Bock
|
||
Chief Financial Officer
|